VanEck CEO Anticipates Trading for Spot Bitcoin ETF to Commence on Thursday

During a CNBC segment on Tuesday morning, when asked about the potential start of trading, CEO Jan van Eck affirmed, "Yeah."

The pursuit of a spot bitcoin ETF has been ongoing for several months, with asset managers actively seeking approval from the SEC. Updated forms have been swiftly filed, bringing the industry closer to the possibility of having the first spot bitcoin ETF in the United States.

Valkyrie Investments also expressed optimism, stating to The Block that they anticipate the SEC will declare ETFs effective by the end of the business day on Wednesday, with trading set to commence on Thursday morning.

On Tuesday morning, VanEck, along with other ETF issuers, filed amended S-1 forms to address final comments from the SEC. The changes in the forms, including language related to insolvency of authorized participants or bitcoin trading counterparties, were relatively minor.

The next procedural steps involve the SEC approving 19b-4 forms for each fund, followed by the effectiveness of the S-1 forms or registration statements. These approvals could occur sequentially. Bloomberg Intelligence ETF analyst Eric Balchunas highlighted the expedited process, stating that the 24-hour turnaround time between filings, comments, and re-filings indicates that all parties involved are eager to initiate the trading of the spot bitcoin ETF swiftly.