BlackRock and three other companies have submitted applications, and the SEC requires that the revised Bitcoin spot ETF business plan be completed before the end of the year.

Currently, 13 issuers have submitted applications for Bitcoin spot ETFs to the U.S. Securities and Exchange Commission (SEC). These issuers include Grayscale, BlackRock, Fidelity, VanEck, ARK, 21Shares and Bitwise, among others. They repeatedly discussed with the SEC and made continuous modifications to the S-1 application documents. This process has been going on for quite some time.

According to Bloomberg ETF analyst Eric Balchunas on "Column. This change is required to satisfy the SEC’s requirement to confirm authorized participant (AP, or underwriter) details in an S-1 filing update within the next 10 days.

Balchunas noted that this requirement may be difficult for some publishers to meet because they may not be able to obtain approval at the same time. However, combining "confirmation of AP agreement" and "cash purchase" may become the key to obtaining formal approval.

Issuers need to submit revised documents before December 31

In addition, according to a report by Fox Business reporter Eleanor Terrett on X, according to people familiar with the matter, the Securities and Exchange Commission (SEC) Publishers have been asked to submit revised documents by the end of next week (December 31) and include content from the latest conference call.

This indicates that issuers need to quickly determine the identity of APs to comply with SEC requirements.

Issuers that have recently submitted revised S-1 documents

Hashdex, Pando Asset submissions

According to Bloomberg analyst James Seyffart, some issuers have already submitted Amended S-1 filings included BlackRock, Hashdex and Pando Asset. The companies have all proposed revisions to Bitcoin spot ETFs, with Hashdex choosing BitGo as its custody partner.

Seyffart was confused by the revised Pando Asset document, which mentioned that cash might be needed to create the ETF but left open the possibility of using physical items.

It is worth noting that BlackRock has not yet identified its authorized participants (APs) in its recent S-1 filing. On the 18th, BlackRock submitted a revised S-1 document to the SEC, which clearly stated that it would adopt the SEC's preferred "cash purchase/redemption" model, which means that AP will not directly handle Bitcoin, but use Cash is used to create and redeem shares.

BlackRock plans to launch $10 million in seed funding on January 3

As early as December 4, BlackRock had already raised funds for its planned Bitcoin spot ETF $100,000 in seed funding. At the time, Bloomberg ETF analyst Eric Balchunas commented that although the amount was not large, it was enough to show that the project was moving forward.

In the latest S-1 filing, Seyffart pointed out that BlackRock plans to take further action on January 3 and will inject $10 million in seed capital into its ETF, which is in line with the previously disclosed 10 Compared with US$10,000, the scale has increased significantly.

Seyffart emphasized that the investment of this seed capital does not mean that the ETF will be launched immediately, but he also pointed out that this is obviously consistent with their prediction that the Bitcoin spot ETF will be approved in January. Interestingly, he also pointed out that BlackRock seemed to be teasing in choosing the date of January 3, as this day happens to be the anniversary of the birth of Bitcoin’s genesis block.

In addition, SEC Chairman Gary Gensler mentioned in his speech on the 14th that they will re-examine the Bitcoin spot based on the court ruling between Grayscale and the SEC. ETF application. In addition, reporter Eleanor Terrett pointed out that issuers need to submit revised documents before December 31. These latest developments have increased market expectations that the Bitcoin spot ETF may be approved before January 10.

The above is the detailed content of BlackRock and three other companies have submitted applications, and the SEC requires that the revised Bitcoin spot ETF business plan be completed before the end of the year.. For more information, please follow other related articles on the PHP Chinese website!