U.S. stock exchange Cboe registers Fidelity’s Bitcoin ETF, clears complicated listing approval process

Progress on Fidelity Bitcoin ETF

Fidelity Investments, an American asset management company, filed Form 8-A with the SEC (U.S. Securities and Exchange Commission) on the 3rd. Therefore, Cboe, a major exchange, is attracting attention as it has approved the listing of Fidelity’s Bitcoin ETF (exchange traded fund).

However, this development does not mean that the launch of Fidelity’s Wise Origin Bitcoin Fund has been approved by the SEC. A detailed explanation of the complex and confusing ETF-related documents.

Filing Form 8-A is part of the process required for companies and mutual funds to list their stocks and securities on stock exchanges. In the same document, Fidelity stipulated that the stock would be traded on the Cboe BZX exchange as follows:

According to Bloomberg ETF analyst James Seifert, there are two steps required for an ETF to be approved for listing, which the Wise Origin Bitcoin Fund has not yet received: Competitors such as Bitwise have also filed Form 8-A in the past.

1. SEC Trading Markets Division approval “19b-4 approval”:

   • Form 19b-4 (Registration Application): The first step in the ETF approval process, filed with the SEC under Rule 19b-4 of the Securities Exchange Act of 1934. Self-regulatory bodies such as stock exchanges propose changes to the rules for listing and trading new ETFs.

2. SEC Corporate Finance Division approval “S-1 approval”:

   • Form S-1 (registration application): Submitted by the ETF issuer and details investment strategy, financial information, risk factors, etc. *The N-1A registration application is used when an existing investment trust is converted to an ETF.

3. [Exchange Listing approval]:

   • Form 8-A: Filed by an ETF issuer after or during an S-1 review. The registration of securities under Section 12(b) of the Securities Exchange Act of 1934, which includes important information such as redemption rights, exchange provisions, and exercise dates. This form is required to trade ETF shares on the stock exchange.

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Is X-day on January 10th?

The process for a Bitcoin ETF to receive listing approval (19b-4) and the process for actually starting trading on the market (S-1) are interconnected, but which one goes first varies depending on the case and is not clear. There is no timeline. Filing Form 8-A is separate from these processes.

Some experts, including Seifert, believe that the SEC could approve multiple physical Bitcoin ETF applications by ARK Invest and 21Shares ahead of the deadline (January 10, 2024). I think there is.

BTC ETF List Source: Bloomberg

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connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

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