Spot Bitcoin ETF Applicants Remain Active as BlackRock and Bitwise Submit Fresh Prospectus
The spot Bitcoin ETF applicants are staying vigilant as BlackRock and Bitwise have recently submitted a new S1 prospectus for their ETFs. This development comes as the price of Bitcoin surged past $42,000 at the beginning of the week.
Final Days Before the Bitcoin ETF Approval
According to Bloomberg ETF Strategist James Seyffart, there have been new updates in the journey towards a spot Bitcoin ETF. BlackRock, a major player in the financial industry, has entered the arena by submitting an S-1 amendment. The SEC has been giving similar instructions to multiple issuers, indicating possible coordination.
In addition, BitwiseInvest has also made a second S-1 amendment for its spot Bitcoin ETF. These continuous amendments and submissions reflect the efforts made by issuers and regulatory authorities to address concerns and streamline the approval process.
The BTC Price Rally
The price of Bitcoin experienced a strong rally, surpassing $42,000 on December 4th. This rally is believed to be driven by positive developments surrounding Bitcoin that are expected to occur by January 10, 2024. Antoni Trenchev, co-founder of Nexo, stated that the approval of a spot Bitcoin ETF could further boost the price of Bitcoin towards $50,000.
Hot Take: Spot Bitcoin ETF Applicants Show Determination Despite Regulatory Complexities
The recent submissions of fresh prospectuses by BlackRock and Bitwise for their spot Bitcoin ETFs demonstrate the determination of applicants to move closer to their goal. These ongoing conversations between issuers and regulatory authorities highlight the complexities involved in navigating the regulatory landscape. The flurry of activities indicates collaborative efforts and extensive discussions taking place to address concerns and progress towards the eventual approval of Bitcoin ETFs. As the price of Bitcoin continues to rally, the anticipation for a spot Bitcoin ETF approval grows stronger.
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