Ark and 21Shares have not announced the underwriters of the Bitcoin spot ETF modification application, and the deadline is approaching!

Bloomberg ETF analyst Eric Balchunas said that the key factors for the approval of the Bitcoin spot ETF are to follow the SEC’s cash subscription/redemption model preference and confirm the underwriter information. These updates need to be submitted in the final S-1 amendment before the 29th U.S. time. This means that applicants need to adjust to the SEC’s requirements and ensure compliance with relevant regulations to increase the likelihood of approval. The approval of Bitcoin ETFs will provide investors with more investment options and further promote the market development of Bitcoin.

According to the SEC’s notice, any issuer that cannot complete the modifications by the deadline will not be among the first batch of potentially approved Bitcoin spot ETFs. However, Bloomberg ETF analyst James Seyffart reported 10 hours ago that he has not seen any revised Bitcoin spot ETF documents.

Recently, ARK Invest and 21Shares became the first issuers to file an S-1 amendment. However, although the S-1 document approaching the deadline should clearly record the underwriter's information, analyst Balchunas said it is not yet clear what content Ark Investment/21Shares has updated. AP (authorized participant, i.e. underwriter) is mentioned several times but not specified. This means we still have to wait for more information on the updates made by Ark Investments and 21Shares in the S-1 Amendment.

So will the S-1 amendment submitted by Ark Investment and 21Shares be the final version? This leaves a suspense.

Ark Investment Cleared GBTC

Yesterday (28th), analyst Balchunas pointed out that Ark Investment cleared all GBTC holdings in the ARKW fund and used a large amount of funds to purchase BITO (Bitcoin) futures ETF), making it the second largest holder of BITO. This move shows that Ark Investment is optimistic about Bitcoin futures and regards it as an important part of the investment portfolio. This further confirms Bitcoin’s growing popularity and recognition among institutional investors. This development will continue to attract market attention and have an impact on Bitcoin prices.

The community is curious about Ark Investment’s move to clear out GBTC, wondering whether they knew in advance that the Bitcoin spot ETF would not be approved. However, according to analysis by Phyrex, Ark Investment purchased a large amount of BITO (the first long futures in the United States), which shows that they expect the price of Bitcoin to rise sharply, which also reflects their optimism about the approval of the Bitcoin spot ETF. In addition, Ark Investment chose to sell GBTC because compared to holding futures, the upside potential of GBTC has been significantly reduced after the Bitcoin spot ETF was approved. According to data from Coinglass, GBTC’s negative premium rate has shrunk to less than 9%. Therefore, Ark Investment may consider it more profitable to sell GBTC and buy BITO. These actions have aroused confusion and curiosity in the community.

Multiple issuers are expected to submit within 1 day

Currently, a total of 13 issuers are vying to obtain approval for the Bitcoin Spot ETF. Therefore, expect to see more amended S-1 filings in a short period of time. According to Bloomberg analyst James Seyffart, BlackRock, Hashdex and Pando Asset have submitted revised S-1 documents. However, in BlackRock’s filing, its underwriters have not yet been identified, so they are expected to submit a final revised version again before the 29th.

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