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Multiple spot Bitcoin ETFs to begin trading on CBOE tomorrow, pending SEC approval

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  • Leading American options trading exchange lists six spot Bitcoin ETFs for trading, which begins tomorrow
  • The trading is still subjected to approval by the US SEC

The Chicago Board Options Exchange (CBOE) has listed multiple spot Bitcoin ETFs to begin trading tomorrow. The leading stock exchange has published a trading circular for a total of six spot Bitcoin ETF products.

The products that have made it on its list are ARK 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, and WisdomTree Bitcoin Fund. All these Bitcoin products are meant to begin trading as a new issue on January 11, 2024. Interestingly, CBOE has not listed the Bitcoin product of a key market player – Blackrock, an investment management giant.

The announcement has not had a significant impact on Bitcoin’s price. According to CoinMarketCap, BTC was trading at $46, 291.21 with a market cap of $907 billion. The coin did not register a massive gain or loss in the past day. Whereas the seven-day chart showed a gain of over 8 percent.

Spot Bitcoin ETF trading subjected to SEC approval

Notably, the move from the largest American options exchanges comes before the US Securities and Exchanges Commission (SEC) official announcement. While the entire market is optimistic about an approval this time around, the power still ultimately rests in the hands of SEC, which Gary Gensler heads.

However, the scenario has been different this time around, particularly with the participation of Blackrock. Unlike previous applications, the commission seems to have held multiple dialogues with the applicants. This has been followed by multiple submissions of amended applications.

Additionally, all the companies have issued their sponsor fees for the product. This event has even led to a competition on who offers lesser fees, with companies announcing slashes every day.

Moreover, the CEO of Van Eck, Jan van Eck stated that he was expecting the SEC to approve the applications today and for the exchange-traded fund to begin trading tomorrow. Even market experts are expecting the commission to make an announcement today but after the traditional market closes.

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