The SEC Reviews Filings for Spot Bitcoin ETFs

New York, United States United States of America
BlackRock's spot bitcoin ETF doesn't have a deadline until March, but there is still some uncertainty about when it will launch
Grayscale Investments needs to file an amended form 19b-4 and S-1 forms before trading can begin
Some spot bitcoin ETFs don't have deadlines until March, but there is still some uncertainty about when they will launch
The SEC has been working closely with issuers over the last few months to fix any remaining concerns, including redemption models, authorized participants and managing hard forks and airdrops
The SEC is reviewing filings for spot bitcoin ETFs
The SEC Reviews Filings for Spot Bitcoin ETFs

The SEC is reviewing filings for spot bitcoin ETFs, and if the necessary forms are approved, trading could start as early as next week. Grayscale Investments needs to file an amended form 19b-4 and S-1 forms before trading can begin. BlackRock's spot bitcoin ETF doesn't have a deadline until March, but there is still some uncertainty about when it will launch. The SEC has been working closely with issuers over the last few months to fix any remaining concerns, including redemption models, authorized participants and managing hard forks and airdrops. Some spot bitcoin ETFs don't have deadlines until March, but there is still some uncertainty about when they will launch.


Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image
Article Image

Confidence

80%

Doubts
  • It is not clear if the SEC will approve all filings for spot bitcoin ETFs
  • There may be concerns around redemption models and authorized participants in some cases

Sources

51%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

‘Rumor mill’ goes into overdrive for a spot Bitcoin ETF approval on Friday

Cointelegraph News Ltd. Tom Mitchelhill Friday, 05 January 2024 11:26
  • Unique Points
    • The SEC is set to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday
    • Multiple ETFs will be approved and expected tomorrow according to sources extremely close to the matter
    • Grayscale's legal chief stated he was filling out some forms in relation to an ETF application
    • The price of Bitcoin has been climbing since its sharp Jan. 3 drawdown, up 3.4% in the last 24 hours according to TradingView data
    • Bloomberg ETF analyst James Seyffart described much of the speculation around a Jan. 5 approval as noise and expects approval to arrive between Jan. 8 and 10
    • Attorney Joe Carlasare pointed out that the public comment period for several ETF applications doesn't close until midnight on Jan. 5, making it unlikely that approval would arrive any time before next week
    • Senior Bloomberg ETF analyst Eric Balchunas explained that issuers will soon file their final 19b-4 and S-1 forms after the SEC provides final comments
    • There are 14 issuers vying for a spot Bitcoin ETF, including BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise and Fidelity.
  • Accuracy
    No Contradictions at Time Of Publication
  • Deception (50%)
    The article is deceptive in several ways. Firstly, it reports that the SEC is set to approve a spot Bitcoin ETF on Friday based on tweets from Grayscale's legal chief and a reporter. However, there are no official statements or announcements from the SEC regarding this matter. Secondly, the article quotes analysts who expect approval to come next week but also reports that several issuers have applied for spot Bitcoin ETF approvals with an expectation of approval by Friday. This contradicts each other and creates confusion among readers. Thirdly, the article uses sensationalism by stating that
    • The rumor mill is going full steam,
  • Fallacies (70%)
    The article contains several fallacies. The author uses an appeal to authority by citing sources without providing any context or evidence for their claims. Additionally, the author uses inflammatory rhetoric when stating that speculation about a spot Bitcoin ETF approval has reached a fever pitch on social media.
    • The article contains several fallacies. The author uses an appeal to authority by citing sources without providing any context or evidence for their claims. Additionally, the author uses inflammatory rhetoric when stating that speculation about a spot Bitcoin ETF approval has reached a fever pitch on social media.
    • Several analysts still expect potential approvals to come next week, however.
  • Bias (0%)
    The author of the article is Tom Mitchelhill. He is a hostile reporter who works for Cointelegraph, a site that publishes news about cryptocurrencies and blockchain technology. The author has a clear bias against the SEC and its role in regulating Bitcoin ETFs. He uses language that depreciates the authority of the SEC and implies that it is delaying or obstructing the approval of spot Bitcoin ETFs for no good reason. He also cites sources who are extremely close to the matter, which suggests he has an agenda to promote a certain perspective on this issue.
    • Analysts splash cold water on rumors However, Bloomberg ETF analyst James Seyffart described much of the speculation around a Jan. 5 approval as noise, saying he still expects approval to arrive between Jan. 8 and 10.
      • Both forms need to be approved by the SEC before an ETF can start trading, though an approved 19b-4 form is required for the spot Bitcoin ETF to be effectively approved.
        • Speculation that the SEC is set to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday has reached a fever pitch on social media. A tweet from Grayscale’s legal chief that he was “just filling out some forms,” in addition to a widely shared tweet from a reporter, has fueled speculation that approval could come through within the next day.
        • Site Conflicts Of Interest (50%)
          There are multiple examples of conflicts of interest in this article. The author has a personal relationship with Grayscale and is likely to report on the company favorably. Additionally, there are several instances where the author quotes individuals who have financial ties to companies or industries related to Bitcoin ETFs.
          • The author mentions that he spoke with Scott Melkor, a crypto trader who has previously been critical of Grayscale and its products.
          • Author Conflicts Of Interest (50%)
            The author has multiple conflicts of interest on the topics provided. The article mentions Grayscale and its legal chief, Joe Carlasare who is an attorney and commercial litigator. Additionally, Bloomberg ETF analyst James Seyffart is mentioned as well as Scott Melkor a crypto trader.
            • Bloomberg ETF analyst James Seyffart
              • Grayscale
                • Joe Carlasare
                  • Scott Melkor

                  72%

                  The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
                  (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

                  A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

                  Here's how spot bitcoin ETF issuers are anticipating the coming days to play out

                  The Block Co. Tim Copeland, Friday, 05 January 2024 11:28
                  • Unique Points
                    • The SEC is reviewing filings for spot bitcoin ETFs
                    • If the SEC approves necessary forms, trading could start as early as next week
                    • Grayscale Investments needs to file an amended form 19b-4 and S-1 forms before trading can begin
                    • BlackRock's spot bitcoin ETF doesn't have a deadline until March
                    • The SEC is giving final comments on filings, but no official approval yet
                    • Multiple prospective spot bitcoin ETF issuers have submitted Form 8-As to register for trading once approved
                    • Issuers and exchanges need to get some final filings ready before trading can begin
                    • The SEC would need to approve outstanding 19b-4 forms for each fund, which would likely first appear on the SEC's website
                    • Trading could start as early as next week if both form approvals come at the same time
                    • Some spot bitcoin ETFs don't have deadlines until March and there is still some uncertainty about when they will launch
                    • The SEC has a number of ways to delay a spot bitcoin ETF launch, including coercing registrants to voluntarily agree to a delay or going to court which could take months
                    • Anything can happen with the outcome of these filings and there is still uncertainty about when spot bitcoin ETFs will be approved for trading
                    • The SEC has been working closely with issuers over the last few months to fix any remaining concerns, including redemption models, authorized participants and managing hard forks and airdrops
                    • BlackRock named Jane Street Capital and JP Morgan Securities as authorized participants in recent weeks
                    • Valkyrie named Jane Street Capital and Cantor Fitzgerald as authorized participants
                    • Goldman Sachs also reportedly wants to get involved with spot bitcoin ETFs
                  • Accuracy
                    No Contradictions at Time Of Publication
                  • Deception (50%)
                    The article is deceptive in several ways. Firstly, it states that the SEC has approved the necessary filings for spot bitcoin ETFs to go live but does not mention any official approval as far as I know. This implies that there are still some uncertainties and potential delays in the process which contradicts other sources cited in the article who claim trading could start next week or even earlier if certain approvals come through. Secondly, it quotes a source at one prospective issuer stating that trading will start after both 19b-4 approvals are true but does not provide any specific timeframe for when this might happen. This creates confusion and uncertainty for readers who may be looking to invest in spot bitcoin ETFs based on the information provided in the article.
                    • The SEC has approved the necessary filings for spot bitcoin ETFs to go live but does not mention any official approval as far as I know.
                  • Fallacies (85%)
                    The article contains several examples of informal fallacies. The author uses an appeal to authority by citing sources without providing any context or analysis on their credibility. Additionally, the author uses inflammatory rhetoric when describing some of the potential outcomes if spot bitcoin ETFs are approved.
                    • The prospective spot bitcoin ETF issuers will also need to file final S-1 forms, laying out the fees, naming the authorized participants and removing any bracketed items.
                  • Bias (85%)
                    The article contains examples of monetary bias and religious bias. The author mentions the potential approval of a spot bitcoin ETF by the SEC as being dependent on various factors such as filings and approvals from different sources. This implies that there is an expectation for financial gain or loss based on these decisions, which could be seen as promoting a monetary agenda.
                    • Over the last few months, issuers have been working closely with the SEC to try and fix any of its remaining concerns. Three key issues have been hashed out, including which redemption models to go with
                      • The agency could also further delay a spot bitcoin ETF launch, said James Angel, associate professor at Georgetown University.
                        • The prospective spot bitcoin ETF issuers will also need to file final S-1 forms, laying out the fees
                        • Site Conflicts Of Interest (50%)
                          There are multiple conflicts of interest found in the article. The authors have financial ties to several companies that are mentioned as prospective spot bitcoin ETF issuers.
                          • The article mentions BlackRock's deadlines for filing Form 8-As, which is a form used by public companies to report changes in ownership of more than 5% of their outstanding shares. BlackRock is one of the largest investors in Grayscale Investments, a company that has filed several prospective spot bitcoin ETF issuers.
                            • The article mentions Fidelity and Ark Investments as companies that have filed prospective spot bitcoin ETF issuers. The authors are likely to have financial ties to these companies through their investments or other means.
                              • The article mentions Valkyrie, VanEck, Jane Street Capital, and JP Morgan Securities as companies that have filed prospective spot bitcoin ETF issuers. The authors are likely to have financial ties to these companies through their investments or other means.
                              • Author Conflicts Of Interest (50%)
                                Tim Copeland and Frank Chaparro have conflicts of interest on the topics of spot bitcoin ETF issuers, SEC approval, 19b-4 forms and S-1 forms, trading start date, Bloomberg Intelligence ETF analyst Eric Balchunas , prospective spot bitcoin ETF issuers filings progress , BlackRock's deadlines for filing Form 8-As
                                • Frank Chaparro is an editor-at-large at The Block and has written articles about SEC approval for cryptocurrencies. He may have personal relationships with regulators or other stakeholders that could affect his objectivity on this topic.
                                  • The article mentions Bloomberg Intelligence ETF analyst Eric Balchunas, who may have a professional affiliation with the company that produces the analysis. This could influence his coverage of spot bitcoin ETF issuers and their filings progress.
                                    • Tim Copeland is a senior reporter at The Block and has covered the cryptocurrency industry extensively. He may have financial ties to companies or individuals in the industry that could influence his coverage of spot bitcoin ETF issuers.

                                    68%

                                    The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
                                    (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

                                    A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

                                    One Week Before Potential Spot Bitcoin ETF Approval: Everything You Need to Know

                                    BeInCrypto David Thomas Thursday, 04 January 2024 22:40
                                    • Unique Points
                                      • The SEC could start notifying spot Bitcoin exchange-traded fund (ETF) applicants of approvals by Friday.
                                      • Grayscale Investments and Fidelity Investments filed an 8A securities registration form today, stoking excitement for the potential approval of a spot Bitcoin ETF.
                                      • Bloomberg analyst James Seyffart predicts that most successful applicants will be operationally ready to launch their ETFs within days rather than weeks.
                                      • The SEC has set approval dates from Jan. 8 – Jan. 10, 2023 for spot Bitcoin ETF applications, almost ten years after the first attempt.
                                      • Grayscale's CEO Michael Sonnenshein supports the approval of multiple ETFs at once despite Grayscale being a pioneer in the space.
                                      • If the SEC doesn't approve spot Bitcoin ETF applications, lawsuits could follow according to Nate Geraci, an ETF investment adviser.
                                      • Simeon Hyman of ProShares insists that the futures market is more well-regulated and not threatened by a spot ETF.
                                      • Crypto investment provider Matrixport may have caused a major Bitcoin selloff yesterday after releasing a report downplaying the chances of an ETF approval on political grounds.
                                      • Brian Kelly, founder & CEO of BKCM LLC, believes that there will be a dip to buy after any potential selloff following excitement around spot Bitcoin ETFs reaches its peak.
                                    • Accuracy
                                      No Contradictions at Time Of Publication
                                    • Deception (30%)
                                      The article is misleading in several ways. Firstly, it states that the SEC could start notifying spot Bitcoin ETF applicants of approvals by Friday when there is no evidence to support this claim. Secondly, it quotes Bloomberg analyst James Seyffart predicting that most successful applicants will be operationally ready to launch their ETFs within days rather than weeks, which contradicts the SEC's own statement on the matter. Thirdly, it presents Grayscale and Fidelity Investments as pioneers in bringing Bitcoin to institutional investors through its Bitcoin Trust when they are not actually responsible for introducing spot Bitcoin ETFs to the market. Lastly, it quotes Michael Sonnenshein of Grayscale supporting the approval of multiple ETFs at once despite his company being a first-mover in this space.
                                      • The article states that the SEC could start notifying spot Bitcoin ETF applicants of approvals by Friday, but there is no evidence to support this claim. This statement is misleading and potentially harmful to readers who may base their investment decisions on it.
                                      • The article presents Grayscale and Fidelity Investments as pioneers in bringing Bitcoin to institutional investors through its Bitcoin Trust when they are not actually responsible for introducing spot Bitcoin ETFs to the market. This statement is misleading and potentially harmful to readers who may base their investment decisions on it.
                                      • Bloomberg analyst James Seyffart predicts that most successful applicants will be operationally ready to launch their ETFs within days rather than weeks, which contradicts the SEC's own statement on the matter. This statement is misleading and potentially harmful to readers who may base their investment decisions on it.
                                    • Fallacies (70%)
                                      The article contains several fallacies. The author uses an appeal to authority by citing sources inside the US Securities and Exchange Commission (SEC) without providing any evidence of their credibility or reliability. Additionally, the author quotes Bloomberg analyst James Seyffart as a source but does not provide any context for his expertise or qualifications in this topic. The article also contains an example of inflammatory rhetoric when discussing potential lawsuits and selloffs if spot Bitcoin ETFs are not approved by the SEC.
                                      • Sources inside the US Securities and Exchange Commission (SEC) claim
                                      • Bloomberg analyst James Seyffart predicts that most successful applicants will be operationally ready to launch their ETFs within days rather than weeks, as previously thought.
                                    • Bias (100%)
                                      None Found At Time Of Publication
                                    • Site Conflicts Of Interest (50%)
                                      David Thomas has financial ties to Grayscale Investments and Fidelity Investments as they are authorized partners of the SEC. He also reports on Michael Sonnenshein, CEO of Grayscale Investments.
                                      • Author Conflicts Of Interest (50%)
                                        David Thomas has financial ties to Grayscale Investments and Bloomberg analyst James Seyffart. He also has professional affiliations with Eric Balchunas, Nate Geraci, Simeon Hyman, Brian Kelly and Matrixport.