Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications

Grayscale is the latest firm to file its Form 8-A, signaling progress towards a potential spot bitcoin exchange-traded fund.

The move signifies registration that allows issuers to trade on an exchange once the product has been approved. Grayscale's move comes a day after Fidelity filed its Form 8-A and days ahead of an upcoming deadline for when the Securities and Exchange Commission will have to decide whether to approve or disapprove of a spot bitcoin ETF. 

Grayscale is looking to convert its flagship G BTC +2.73% fund to a spot bitcoin ETF, following a long journey and an August court win that ruled that the SEC has to re-review Grayscale's bid for a spot bitcoin ETF. Other firms including BlackRock and Fidelity have thrown their hats in for a spot bitcoin ETF over the past year. 

"At Grayscale, we continue to work collaboratively with the SEC to uplist GBTC to NYSE Arca as a spot bitcoin ETF," a Grayscale spokesperson said. "Grayscale remains ready to operate GBTC as an ETF upon receipt of regulatory approvals."

The run-up

Anticipation has heated up for a spot bitcoin ETF, which would be a first in the U.S. if the SEC does grant approval. 

ETF issuers including BlackRock and Fidelity filed amended registration forms with the SEC in late December, which were seen as a final push for a spot bitcoin ETF. BlackRock named Jane Street Capital and JP Morgan Securities LLC as authorized participants. 

Issuers have been ironing out the details of these potential spot bitcoin ETFs over the past few weeks, including discussions around creation and redemption models, naming authorized participants and hard forks.