Grayscale, Fidelity join expanding fray in final stretch for a possible spot bitcoin ETF

Filings by Cboe, NYSE and Nasdaq indicate there are 11 firms aiming to get approval for spot bitcoin ETFs as soon as next week

article-image

Artwork by Crystal Le

share

More stock exchanges filed potentially crucial documents on behalf of prospective spot bitcoin ETF issuers ahead of long-awaited decisions by the SEC.

The New York Stock Exchange filed a new 19b-4 document on behalf of Grayscale late Friday, signaling the crypto asset manager is in the final stages of its bid to launch a bitcoin ETF.

The Securities and Exchange Commission can still block the proposal, as it has done to such planned funds over the years. 

NYSE, the exchange on which the Grayscale ETF would trade, filed amendments for planned funds by Hashdex and Bitwise as well.

Meanwhile, Cboe BZX filed amended 19b-4s for proposed spot bitcoin ETFs by Ark and 21Shares; Invesco and Galaxy; Fidelity; WisdomTree; and Franklin Templeton. VanEck’s 19b-4 was the final one to be filed on Friday.

The SEC has not yet approved the 19b-4 documents filed by NYSE or Cboe. Nor has the regulator weighed in on ones filed earlier in the day by Nasdaq for proposals by BlackRock and Valkyrie

Read more: BlackRock, Valkyrie inch closer to potential spot bitcoin ETF decision

Jan. 10 is the deadline for the SEC to decide on a planned spot bitcoin fund by Ark Invest and 21Shares. Market experts expect the SEC to also rule on a handful of the other proposals by that date.

Approval of the 19b-4s would represent one step toward the launch of spot bitcoin ETFs. The SEC would also have to deem effective the fund issuers’ registration statements, known as S-1s (or S-3, in Grayscale’s case). These documents include information such as authorized participants for the funds, as well as planned fees.

“Broadly speaking, if the commission declares a registration statement effective, that is reflected on EDGAR,” a representative for the SEC told Blockworks on Friday. “Any commission 19b-4 orders will be posted on our website and then published in the Federal Register.”

The representative added that the agency doesn’t comment on individual filings.

BlackRock and Fidelity said in Dec. 29 filings they intend to use Jane Street and JPMorgan Securities as authorized participants, or APs.

Read more: Fees, seeds and APs: What we know — and don’t know — about the planned bitcoin ETFs

Bloomberg Intelligence analyst Eric Balchunas reported on Friday that the companies were asked to file S-1s on Monday of next week, per sources. 

Grayscale’s APs remain unknown, according to current filings. CEO Michael Sonnenshein alluded in a post on X last week that the company has had APs lined up “since 2017,” linking to a media report stating the firm planned to tap Jane Street and Virtu Securities. 

An updated S-3 from Grayscale — filed earlier this week — didn’t disclose the firm’s APs.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /