Revised Applications for Bitcoin ETF by BlackRock and Bitwise Announced

BlackRock Updates Application for Spot Bitcoin ETF in the U.S.

Asset manager BlackRock has submitted an updated application to the U.S. Securities and Exchange Commission (SEC) to launch the first-ever spot Bitcoin exchange-traded fund (ETF) in the United States. This move follows Bitwise’s similar update to its own application for a spot Bitcoin ETF.

Continued Discussions with the Market

Analysts interpret these updates as a sign that the SEC is actively engaging in discussions with the market regarding potential opportunities to approve a spot Bitcoin ETF. The filings reflect ongoing conversations and collaborative efforts between both sides.

What does this mean? Without having read them — it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.

— James Seyffart (@JSeyff) December 4, 2023

Tailoring Applications to Regulatory Requirements

It is possible that these updates serve as a step for companies to customize their applications according to the specific requirements set by the regulator. This allows them to address any concerns or requests raised during the approval process.

Enhanced Measures and Expectations

BlackRock’s updated document includes new language regarding the trust administrator’s efforts to monitor unusual price movements. It also incorporates anti-money laundering compliance language and a verified statement from PricewaterhouseCoopers. Bloomberg analysts anticipate the approval of a spot Bitcoin ETF in the U.S. in January 2024. Notably, James Seyffarth and Eric Balchunas believe there is a 90% chance of approval before January 10, 2024, which is the deadline for the SEC’s final decision on ARK Invest’s application.

Hot Take: Anticipation Builds for Spot Bitcoin ETF Approval

The recent updates by BlackRock and Bitwise to their applications for spot Bitcoin ETFs indicate ongoing progress in discussions with the SEC. This suggests that regulatory approval may be within reach, potentially opening up new investment opportunities for crypto enthusiasts. The inclusion of enhanced measures, such as monitoring unusual price movements and anti-money laundering compliance, further demonstrates the commitment of asset managers to address regulatory concerns. With analysts predicting an approval in early 2024, it appears that the crypto market could witness a significant milestone with the introduction of the first-ever spot Bitcoin ETF in the U.S.