VanEck CEO Says Spot Bitcoin ETF Will Open for Trading on Thursday

In a recent revelation on CNBC’s “ETF Edge,” VanEck CEO Jan van Eck announced that the long-awaited spot Bitcoin Exchange-Traded Funds (ETFs) are poised to commence trading on Thursday, January 11. This update comes on the heels of a last-minute request from the US Securities and Exchange Commission (SEC) for additional comments on the S-1 filings from all ETF applicants.

SEC’s Swift Turnaround:
Despite initial concerns about potential delays, reassurances have been provided by industry experts. Bloomberg analyst James Seyffart and Davis Polk’s Scott Johnsson have alleviated fears, with Seyffart predicting that amendments will be swiftly processed. Seyffart remarked, “I don’t think this is necessarily a delay signal. Really this just shows how quickly the SEC is turning these things around.”

Efficient Refiling by Applicants:
In a remarkable display of efficiency, VanEck and BlackRock were the first to refile their S-1s in response to the SEC’s last-minute feedback. Bloomberg’s Eric Balchunas noted, “It’s hard to tell what has changed at first glance, but the important thing is that the unheard-of 24-hour turnaround time between filing, comments, and re-filing tells us all parties are aiming to get this show on the road pronto.”

Industry-wide Response:
As of press time, major players including BlackRock, VanEck, Ark Invest, Grayscale, Invesco & Galaxy Digital have all refiled their S-1s. The swift response from these key applicants signals a collective determination to move forward with the ETF launch.

Final Approvals and Market Reactions:
Jan van Eck, during his CNBC interview, emphasized the ongoing preparation and commented on the specific prospectus, affirming that Thursday is indeed the anticipated start date. Ark Invest’s Cathie Wood expressed cautious optimism, noting that discussions with the SEC have been more interactive than in previous filings. The final deadline for Ark Invest’s filing is January 10, suggesting a potential approval by Wednesday.

Insights from Market Experts:
Doug Yones, Head of Exchange Traded Products at the New York Stock Exchange, shared insights, acknowledging a decade-long collaboration with the SEC on a potential spot Bitcoin ETF. He described the current week as an exciting time with discussions and preparations in full swing. Steven McClurg of Valkyrie Investments hinted at a simultaneous launch of the first 10 ETFs, expecting SEC approval by Wednesday’s end.

Anticipated Market Impact:
The launch of spot Bitcoin ETFs is a significant milestone in integrating cryptocurrencies into mainstream financial markets. McClurg expects an inflow of $4 billion to $5 billion in the initial weeks. The BTC price, as of now, shows no immediate reaction to the news, maintaining a trading value of $46,732.

The imminent launch of spot Bitcoin ETFs signifies a major step towards cryptocurrency integration in traditional financial markets. With industry giants swiftly addressing SEC feedback and expressing optimism, all eyes are on Thursday, anticipating the beginning of a new era in crypto-trading accessibility.

Featured image created with DALL·E 3, chart from source.

Leave a Comment