As the Spot BTC ETF Approval Date Approaches, What Does the 8-A Form Submitted by Grayscale Mean?

Grayscale has filed a Form 8-A with the SEC (U.S. Securities and Exchange Commission), indicating that they have made substantial progress in their quest to launch a spot BTC ETF.

The move on Jan. 4 follows similar actions by Fidelity and Bitwise, highlighting a growing trend among financial firms aiming to offer spot ETFs .

Filing a Form 8-A is a key regulatory requirement for companies looking to list on an exchange. In the case of ETFs, it indicates that the company is ready to be traded on an exchange before the product is approved.

This move is a key part of the BTC ETF approval process, as evidenced by Valkyrie’s BTC Strategy ETF (BITO) filed in October 2021.

Grayscale’s decision is particularly notable because it came just one day after Fidelity filed its 8-A and ahead of a key SEC deadline .

The SEC will approve or deny 11 spot BTC ETF applications by January 10, and Ark Invest will face a final decision deadline, after which no further delay is possible.

Grayscale’s strategy includes converting its flagship GBTC fund into a spot BTC ETF.

An August court ruling found that the SEC’s initial rejection of Grayscale’s spot BTC ETF application was “arbitrary and capricious.” The ruling, which required the SEC to re-examine Grayscale’s application, was in stark contrast to the agency’s previous approval of a futures BTC ETF .

Grayscale’s Chief Legal Officer Craig Salm hinted at the development with a cryptic tweet a few minutes before the Form 8-A was released, saying: “Just filling out some forms.” His post quickly attracted a lot of attention from the Crypto asset community.

James Seyffart, an ETF analyst at Bloomberg, was cautiously optimistic, noting that these applications indicate that the first spot ETFs in the U.S. are likely to be approved. However, he also clarified that these 8-A applications, while necessary, do not guarantee approval.

Seyffart added, referring to Fidelity’s Form 8-A yesterday: “These need to be done prior to launch, but that doesn’t mean they’re approved or anything. My understanding is that it’s just a securities registration.”

“The ETF still needs 19b-4 approval in order to be listed, and they need a valid, approved S-1. There is no 19b-4 yet, the S-1 is just preliminary, and I’m still watching what happens next week.”

Walter Bloomberg agreed, highlighting that the Form 8-A filings by Fidelity and Grayscale mark progress toward potential approval of spot ETFs .

“Fidelity and Grayscale’s filing of Form 8-A shows progress in spot BTC ETF applications. The filing of Form 8-A by an issuer means registration that allows the issuer to trade on an exchange, marking progress in the potential approval of a spot BTC ETF.”

Fidelity’s recent 8-A registration, as well as Grayscale’s, comes as the issuers are fully prepared to launch these potential spot BTC ETFs. These preparations include discussing creation, redemption models, and naming authorized participants.

Grayscale is reportedly in talks with JPMorgan and Goldman Sachs regarding its role in a proposed spot BTC ETF .

The discussions, disclosed by Bloomberg, follow Grayscale’s recent revised S-3 filing with the SEC, which lists no authorized participants.

As the SEC deadline for a decision on these ETFs approaches, Bloomberg ETF analysts Seyffart and Eric Balchunas currently still see a 90% chance of approval by Jan. 10.

According to sources, as NewsBTC reported today, the approval decision could be announced as early as tomorrow, and these ETFs could begin rolling out next week .