US Bitcoin ETF Applicants Submit Revised Filings to SEC
The US Securities and Exchange Commission (SEC) received revised S-1 filings from several Bitcoin Exchange-Traded Fund (ETF) applicants. Invesco Galaxy, WisdomTree, Fidelity, and Bitwise all submitted their amended filings on the last day of the deadline, December 29. BlackRock and Valkyrie also made their submissions on the same day.
Amendments Made Before Deadline
All the major Bitcoin ETF contenders have made amendments to their applications in preparation for potential approval. Invesco Galaxy, for example, has waived fees for the first six months and the first $5 billion in assets. They have also named Virtu and JPMorgan as their Authorized Participants (APs). Similarly, WisdomTree has appointed Jane Street as its AP. Fidelity’s filing offered a competitive fee structure at 0.39% and also chose Jane Street as its AP. Bitwise’s filing mentioned a $200 million injection into the fund from an unnamed entity.
JP Morgan and Jane Street Stand Out
BlackRock disclosed Jane Street and JPMorgan as its APs in its fifth amendment filing. Valkyrie named Jane and Cantor as its APs. The involvement of JPMorgan as an AP is notable given CEO Jamie Dimon’s critical stance on cryptocurrency. This indicates a divergence between the bank’s institutional operations and its leadership’s public views. The role of JPMorgan and Jane Street will be significant in the current regulatory environment, bringing credibility and stability to the supported ETFs.
Hot Take: Bitcoin ETF Filings Surge with Key Players Revealing Strategies
The recent surge of S-1 filings for Bitcoin ETFs showcases the growing interest in cryptocurrency investment products. Key players like Invesco Galaxy, WisdomTree, Fidelity, and Bitwise have all made strategic moves to position themselves for potential approval. By waiving fees, appointing Authorized Participants, and securing significant funding, these applicants are demonstrating their commitment to offering competitive and innovative ETF products. The involvement of JPMorgan and Jane Street as Authorized Participants adds credibility and expertise to the ETFs they support. As the SEC reviews these filings, the crypto market eagerly awaits a decision that could have a significant impact on Bitcoin’s mainstream adoption.
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