Several firms have submitted form 8-A to the SEC, indicating they may be close to launching spot Bitcoin ETFs. Grayscale, ARK Invest, Valkyrie, and 21Shares have all filed form 8-A, a registration step to launch securities on an exchange.
What Does Form 8-A Mean?
While form 8-A filing is required, it does not constitute SEC approval. Grayscale’s Craig Salm downplayed the significance, stating “the form is informational.” However, Jacquelyn Melinek claimed the SEC might approve multiple firms’ ETFs.
Analysts Weigh in on Potential Approval
Bitcoin Price Reaction
Bitcoin’s price jumped above $44,000 on the news, before settling around $43,626 – up 1% from the previous day. Traders will be watching for any official SEC decision that could fuel the cryptocurrency’s next big rally.