BlackRock Updates Bitcoin ETF Application
BlackRock recently updated its application for a Bitcoin spot ETF, submitting a revised version of its S-1 filing to the United States Securities and Exchange Commission (SEC). This update comes amid ongoing negotiations between the SEC and numerous applicants for Bitcoin spot ETFs.
These updates indicate that companies who filed their applications with the SEC prior to approval are engaged in intensive negotiations. BlackRock, along with other companies like Bitwise, which also amended its application, are advocating for the “in-kind” method, which would allow for direct Bitcoin holdings, as opposed to the SEC’s preferred “cash” method.
Anticipation of SEC Approval
Analysts report a strong probability (90%) of SEC approval for Bitcoin ETFs by January 10. Recent developments and delays suggest that decisions regarding Bitcoin spot ETFs will be made collectively by the SEC, including all applicants. As a result, the price of BTC has surpassed $42,000 in anticipation of spot ETF approval.
James Seyffart, a crypto analyst at Bloomberg, emphasizes that both the SEC and the applicants are working diligently to get it right, implying that the current applications are the product of extensive discussions and hard work on both sides.
