Bitcoin Crosses $45K With All Eyes On ETF Countdown: Is Jan. 10 The Date That Crypto Changes Wall Street Forever?

As Bitcoin surges past $45,000 for the first time since April 2022, several leading asset management firms are gearing up for a major development in the cryptocurrency space.

Numerous asset management companies, such as BlackRock Asset Management, a division of BlackRock Inc BLK, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments, and a collaboration between Ark Investments and 21Shares, have recently revised their submissions to the Securities and Exchange Commission.

These updates, made last week, are in preparation for the potential launching of spot Bitcoin BTC/USD exchange-traded funds (ETFs) tied to the spot price of Bitcoin, Reuters reported.

Quoting sources, the report stated that issuers who met the year-end filing deadlines might be ready to launch by Jan. 10, the deadline for the SEC to decide on the Ark/21Shares ETF.

There is anticipation that the SEC could notify issuers as early as Tuesday or Wednesday of their clearance to launch the following week.

The potential approval of spot Bitcoin ETFs by the SEC is seen as a significant factor in the recent surge in Bitcoin's price.

In their filings, Valkyrie disclosed a management fee of 0.80% for its ETF, matching the fee proposed by Ark and 21Shares for their ETF.

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The Fidelity Wise Origin Bitcoin Fund plans to charge a lower fee of only 0.39%.

Invesco, proposing a 0.59% fee, announced a waiver of this fee for six months on the first $5 billion in assets for the new fund.

Currently, 14 asset managers are seeking SEC approval for spot Bitcoin ETFs.

Over the past decade, the SEC has rejected several attempts to launch such products, citing concerns about market manipulation and investor protection.

So far, only cryptocurrency ETFs tied to futures contracts on Bitcoin and Ethereum, traded on the Chicago Mercantile Exchange, have received approval.

Grayscale Investments and Hashdex, both aiming to convert existing products into spot Bitcoin ETFs, submitted their updates earlier in the month.

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