THELOGICALINDIAN - Bitcoin Advance Assurance BIT wants to be listed on NYSE Arca according to a allotment account filed Friday with the US Securities and Barter Commission SEC This is the additional proposed Bitcoin advance assurance advertisement on the barter The aboriginal Solidx Bitcoin Assurance has yet to be accustomed by the SEC Using Solidxas a archetypal it could booty the Commission until October to accomplish a accommodation whether to accept or blame BITs listing
Also read: SEC Delays Decision on SolidX Bitcoin Trust
As Donald Trump able to be inaugurated as the 45th President of the United States on January 20, Barry Silbert filed a registration statement with the SEC gluttonous an antecedent accessible alms (IPO) for his flagship armamentarium BIT. BIT’s shares are to be listed beneath the attribute GBTC on the NYSE Arca.
The IPO
“This is an antecedent accessible alms of the Trust’s Shares,” BIT’s registration 
statement reads. The shares “are advised to accommodate investors with a cost-effective and acceptable way to advance in Bitcoin.” Grayscale Investments, LLC is the sponsor of the Trust, Delaware Trust Company is the trustee, the Bank of New York Mellon is the alteration agent, as able-bodied as the administrator, and Xapo Inc. is the custodian. The anniversary fee for investors will abide at 2 percent. The proposed best alms is $500 actor of the Trust’s shares.
Silbert’s Grayscale Investments, LLC simultaneously announced that it “has accomplished its advancing clandestine adjustment and will no best affair shares of the Bitcoin Investment Trust through its antecedent 506(c) clandestine placement.” However, BIT’s shares will abide to be quoted in the accessory bazaar over-the-counter on OTCQX beneath the attribute GBTC while the allotment with the SEC is awaiting approval. GBTC currently has assets beneath administration of $164.21 actor as of the end of December 2016.
Possible Time Frame
A accessible time anatomy for the SEC to either accept or blame BIT’s advertisement on the NYSE Arca can be estimated application Solidx Bitcoin Trust as an example. Solidx originally filed with the Commission to account on the NYSE Arca on July 11, 
2016.
After the company’s antecedent filing, the abutting footfall will be for the barter to book with the SEC “a proposed aphorism change to account and barter shares” beneath NYSE Arca Equities Aphorism 8.201. For Solidx, the NYSE Arca filed with the SEC on July 13, 2024, which was two canicule afterwards Solidx filed. Given that BIT’s filing was on a Friday, the NYSE Arca could file with the SEC aboriginal abutting week.
Then the proposed aphorism change would be appear for comments in the Federal Register. This usually happens amid two to three weeks afterwards a filing with the SEC. For Solidx, it was appear on August 2, 2016, about three weeks afterwards filing. That agency the proposed aphorism change 
for BIT should be appear in the Federal Register ancient in the additional or third anniversary of February.
After publishing in the Federal Register, the Commission has 180 canicule to affair an adjustment acknowledging or accusatory the proposed aphorism change. However, it can additionally extend that aeon by a best of 60 canicule if necessary, which is a absolute of 240 canicule from the advertisement in the Federal Register. For Solidx, the SEC has already called to extend the application aeon as continued as it could to March 30, 2017.
For BIT, 180 canicule from a acceptable date of advertisement in the Federal Register would be aboriginal August and 60 canicule afterwards that would be aboriginal October.
Likelihood of Approval
The SEC has a addiction of dabbling authoritative decisions on Bitcoin advance funds as apparent by the adjournment for Solidx, demography the best time accustomed by the Securities Exchange Act. Recently, Needham & Company, which provides advance advantage of BIT, appropriate that the adventitious of the SEC acknowledging Bitcoin ETFs is very low, at beneath than 25 percent.
According to Needham, there is no added addendum accessible for the Commission afterwards the 60 days. The close additionally appropriate that the Commission may not accomplish a accommodation by the deadline, in which case “the proposed aphorism change is automatically approved,” Needham’s address reads. The close believes this will access the likelihood of an ETF actuality approved. Then, there’s the ‘Trump factor.’
The new administering may be added Bitcoin affable than the antecedent administration. “We charge to disengage abounding regulations which accept aside advance in American businesses, and restore blank of the banking industry in a way that does not abuse American workers,” President Trump recently said.
Do you anticipate the SEC will accept BIT’s advertisement by October? Let us apperceive in the comments area below.
Images address of WSJ, Wikimedia, Grayscale, SEC, Solidx
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