BlackRock and Bitwise Update S-1 Filings
BlackRock, a major asset management company, has made updates to its S-1 filings for a Bitcoin ETF with the SEC. Following this, Bitwise also made similar updates to its filings. Although the SEC has yet to approve a spot Bitcoin ETF and has been delaying applications, Bloomberg analysts believe that these updated filings indicate ongoing negotiations between the parties involved. They see this as a positive sign that progress is being made.
SEC Criteria and Updated Language
The SEC requires spot ETF applications to follow the cash method, but ETF applicants prefer the in-kind method. Bloomberg analysts believe there is a high chance of Bitcoin spot ETFs being approved by January 10th. The updated BlackRock filing includes language about monitoring price movements, anti-money laundering compliance, and an audited statement from PricewaterhouseCoopers. It emphasizes engaging with known third-party service providers who have undergone thorough due diligence.
Rising Bitcoin Price
Amidst speculation that the SEC will approve a spot ETF, the price of Bitcoin has surged. In the past month, it has increased by over 20%, reaching over $40,000 on December 4th. Currently, Bitcoin is trading just below $42,000.
Hot Take: Progress Towards Bitcoin ETF Approval
Recent updates to the S-1 filings by BlackRock and Bitwise indicate ongoing negotiations and progress towards the approval of a spot Bitcoin ETF. Despite the SEC’s previous delays, the fact that multiple issuers are making similar updates suggests that both sides are actively working to reach a resolution. Analysts predict a high chance of approval by January 10th. As anticipation grows, the price of Bitcoin continues to rise, with the cryptocurrency trading near the $42,000 mark.
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