Analysis suggests that before the Bitcoin spot ETF can commence trading, two technical requirements must be met. Firstly, the SEC needs to approve the 19b-4 filing submitted by the exchange intending to list the ETF. Secondly, the SEC must approve the relevant S-1 form.
The SEC plans to vote on the 19b-4 filing submitted by the exchange in the coming days. It remains uncertain whether the SEC will take action on the issuer's application (S-1) at the same time. If the SEC approves the Bitcoin spot ETF, the earliest possible start for ETF trading could be the following business day.
A representative from the SEC declined to comment on the current status of the applications.