U.S. Spot Bitcoin ETF Approval Clock to Start Wednesday as 8 Applicants Named on Federal Register

The applications by industry giant BlackRock and others have sparked speculation approval will be granted.

Jul 18, 2023 at 8:34 a.m. PDT

Bitwise refiled for a bitcoin spot ETF the day after BlackRock submitted a similar application. Bitwise Asset Management Chief Investment Officer Matt Hougan discusses the move and the industry implications of TradFi heavyweights racing to secure the first U.S. spot bitcoin ETF approval with the SEC. Plus, Hougan breaks down the “critical difference” between the ETF markets in the U.S., Canada and Europe.

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The clock for U.S. Securities and Exchange Commission (SEC) approval of spot-bitcoin exchange-traded fund (ETF) applications will begin Wednesday after all eight applicants were listed on the Federal Register.

While the regulator published documents seeking public consultations last week, the clock on the review process formally starts only when filings are published in the register, which occurred Tuesday. The register is the daily gazette of the U.S. government and contains executive orders, federal agency regulations, proposed agency rules and other documents that, by law, have to published.

The eight applicants are BlackRock’s iShares ETF filed on Nasdaq, Bitwise’s Bitcoin ETP Trust filed on NYSE Arca and six others filed on the Chicago Board Options Exchange (Cboe): Fidelity’s Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF.

“NYSE Arca’s 19b4 filing for the Bitwise Bitcoin ETP Trust was published in the Federal Register today. This starts the clock for the SEC to review that filing. The Commission has up 45 days to either rule on the proposal or extend its review for an additional time period,” Bitwise Chief Investment Officer Matt Hougan said in an email.

While there is no guarantee the SEC will approve any of the applications, the filing by industry giant BlackRock has fueled speculation that permission is more likely.