BlackRock and Bitwise amended applications for spot Bitcoin ETF yet again

December 5, 2023 at 7:00 am

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BlackRock and Bitwise amended applications for spot Bitcoin ETF yet again

Asset manager BlackRock has updated its application to launch the first-ever spot Bitcoin ETF in U.S.

The document appeared on the website of the U.S. Securities and Exchange Commission (SEC). Bitwise has also updated its application to launch a similar tool.

Analysts believe the action signals that the SEC is continuing discussions with the market about opportunities to approve a spot Bitcoin ETF.

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

The updates could be a step that allowed companies to “tailor” applications to the regulator’s requirements.

BlackRock’s updated document included new language about the efforts the trust administrator will make to monitor unusual price movements. It also added anti-money laundering compliance language and included a verified PricewaterhouseCoopers statement.

Bloomberg analysts expect approval of a spot Bitcoin ETF in the U.S. in January 2024. James Seyffarth and Eric Balchunas believe there is a 90% chance of a spot Bitcoin ETF being approved before January 10, 2024, the day by which the SEC must make a final decision on ARK Invest’s application.