BlackRock, the world’s largest asset manager, is anticipating the approval of its spot Bitcoin ETF application by the United States Securities and Exchange Commission (SEC) as early as Wednesday. This comes as the SEC, stock exchanges, and investment management firms convened on Friday to discuss last-minute wording changes on ETF filings.
BlackRock is not alone in its pursuit of a spot Bitcoin ETF approval. Other contenders include Valkyrie, Grayscale Investments, Invesco, and ARK 21Shares. The Cboe BZX exchange also submitted forms for VanEck, Pando Asset AG, WisdomTree, and Franklin Templeton last week. The crypto industry is eagerly awaiting the approval, which could potentially bring billions in fresh funding into the space. This anticipation has led to a significant surge in Bitcoin’s price in recent weeks.
On Friday, the SEC, stock exchanges, and investment management firms met to discuss last-minute wording changes on the spot Bitcoin ETF applications. The discussions revolved around the S-1 prospectus documents that every ETF must submit for approval. Many issuers expect the final approval of the S-1 filings by Tuesday or Wednesday.
The SEC has requested minor changes. Asset managers are now required to amend their filings to disclose fees or identities of market makers for their ETFs. These updates are due by 8 AM ET on Monday and could be made public on the same day. Regulators have also been working with exchanges to finalize the 19b-4 filings, which outline the rule changes that the SEC must approve for the spot Bitcoin ETFs to launch. Exchanges had already submitted revisions to 11 of the filings by late Friday night.
Sources familiar with the ongoing developments have stated that issuers who have met with the end-of-year filing revision deadlines could be approved for launch by the 10th of January. This is the date by which the SEC must approve or reject the Ark/21Shares ETF. The SEC has so far steadfastly rejected spot Bitcoin ETF applications, citing concerns about market manipulation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | VanEck, Franklin Templeton, United States Securities And Exchange Commission, Cboe BZX exchange, BlackRock, Pando Asset AG, WisdomTree, Valkyrie, Invesco, Grayscale Investments, ARK 21Shares |
| Currencies | Bitcoin |
| Securities | None |
