Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Friday, January 5th, and we are catching up on all of the news this week.

So much going on. Lots of little stories as we get very, very hyped for the ETF. Before we get

into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating,

give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. So friends, like I said, today we have a serious grab bag of topics.

We are going to be ripping through many of them. And where we start is, of course,

with the ETF. With Bitcoin spot ETF appro is expected any day now, sources that the

hopeful applicants ran through their to-do list with reporters from the block. Grayscale is working

on an updated 194B rulemaking filing, which needs to be submitted by Tuesday. This is necessary

as their current paperwork was filed months ago and needs a refresh. All issuers will also need to

file their finalized

S-1 prospectus filings. Some of these product disclosures currently omit fees and the names

have authorized participants in charge of market making for the products. On the SEC side,

both types of filings will need to be approved. These approvals won't necessarily come

at the same time, with Bloomberg analysts anticipating a short delay

between 194B and S1 approvals. A source at one issuer said, the morning after both are true,

trading will start. Now, one source expected that trading will go live on Thursday or Friday of

next week. Another source said there was some uncertainty, as most applicants don't have

deadlines until March. Bloomberg's senior ETF analyst Eric Belcuna said in a Thursday Twitter post,

SEC is giving final comments as we speak. Then issuers will submit final 19B4s and S1 soon after.

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