BlackRock Files Amended Application for Bitcoin ETF
Asset management giant BlackRock submitted an amended S-1 filing with the US Securities and Exchange Commission (SEC) for its proposed spot Bitcoin ETF on December 4. This comes as Bitwise also filed an amendment for its ETF application. Analysts believe that these updates indicate ongoing discussions with the regulator, increasing the anticipation of SEC approvals in January. Bloomberg Intelligence analyst James Seyffart stated on Twitter that these filings are the result of extensive conversations and collaboration between the SEC and the issuers.
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
In its updated filing, BlackRock made changes to the language regarding its measures to monitor unusual price movements. The amendment also included anti-money laundering compliance details and an audited statement from PricewaterhouseCoopers. It is important to note that the SEC has not yet approved any spot Bitcoin ETFs and has delayed all applications received so far.
BlackRock Addresses “Unresolved Questions” Around Bitcoin ETF
There is growing anticipation that the SEC will soon approve Bitcoin ETFs. After meeting with the SEC last month, BlackRock acknowledged that the regulator had “certain unresolved questions” regarding the impact on balance sheets. BlackRock then proposed a solution to address these concerns. Scott Johnson from Van Buren Capital suggests that BlackRock’s proposal should satisfy the SEC if the only issue is the balance sheet of the US BD market maker. He also believes that the SEC is giving similar instructions to multiple issuers.
Hot Take: Impending Approvals Expected for Bitcoin ETFs
The recent amendments made by BlackRock and Bitwise in their applications for Bitcoin ETFs indicate ongoing discussions with the SEC and raise expectations of approvals in January. Analysts and industry experts believe that the SEC and the issuers have invested significant effort and time into addressing concerns and ensuring compliance. The proposed solutions and updated filings demonstrate the regulatory progress being made in the cryptocurrency space. If approved, Bitcoin ETFs would provide institutional investors with easier access to Bitcoin and potentially contribute to further mainstream adoption of cryptocurrencies.
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