BlackRock and VanEck File Amended Forms for Bitcoin ETF Applications
BlackRock and VanEck have submitted amended S-1 forms for their spot bitcoin ETF applications, addressing comments from the Securities and Exchange Commission (SEC). The SEC had sent comments to the issuers after they filed their latest forms, but these comments were not expected to cause any delays. The amended forms include changes related to insolvency of authorized participants or bitcoin trading counterparties, potential conflicts of interest, and warnings about impaired liquidity for investors. Bloomberg ETF analyst Eric Balchunas noted that the quick turnaround time between filing, comments, and re-filing suggests that all parties involved are eager to move forward.
Final Details on Fee Structures
The amended S-1 forms also provide final details on fee structures. Several providers are offering zero fees for a limited time, with Bitwise offering the lowest fixed fee of 0.24%. Ark/21Shares is close behind at 0.25%, while BlackRock’s fee is 0.3%. These issuers are now waiting for the SEC to approve their 19b-4 forms and for their S-1 filings to take effect before trading can begin.
Hot Take: Bitcoin ETF Applications Progressing Despite Minor Hurdles
The recent filing of amended S-1 forms by BlackRock and VanEck demonstrates progress in the approval process for spot bitcoin ETF applications. Despite receiving comments from the SEC regarding minor details, the issuers swiftly made the necessary changes and resubmitted their forms. This quick response indicates a strong commitment to moving forward promptly. Additionally, the final details on fee structures show that multiple providers are offering competitive rates, further enhancing the appeal of these ETFs. While waiting for SEC approval on their remaining forms, these issuers remain on track to launch their ETFs in the near future, bringing greater accessibility and legitimacy to the crypto market.
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