The latest developments have revealed that BlackRock has submitted a revised version of the S-1 filing for the Bitcoin Spot ETF to the United States Securities and Exchange Commision (SEC). Various analysts previously communicated ongoing negotiations between the SEC and BlackRock, as well as various other applicants for the Bitcoin Spot ETF.
A matter of time
In a similar notion, Bitwise recently modified its SEC application. There were several rumours that these updates indicate intense negotiations for companies that filed with the SEC pre-approval. While the SEC stipulates a preference for the cash method, resembling futures transactions, for spot ETF applications to gain approval, applicants are insisting on the in-kind method that directly holds Bitcoin.
In any case, the aforementioned analysts estimate a 90% likelihood of approval for Bitcoin Spot ETFs by January 10th, 2024. Recent developments and delays also suggest that decisions on BTC spot ETFs will be collective, involving all applicants, by the regulatory agency.
Discussions are ongoing
The price of BTC also increased recently due to the anticipation building around the potential approval of a Bitcoin ETF. The flagship crypto surpassed the $42,000 mark before going back down to just under $41,900 as of the time of this writing.
James Seyffart, a cryptocurrency analyst at Bloomberg, commented on the update that BlackRock made on the ETF application, stating that BlackRock indeed submitted an amendment to the Bitcoin ETF S-1 on December 4th, 2023. Apparently, the SEC issues similar instructions to multiple applicants. Without delving into the details, this signifies that progress is ongoing and that both the SEC and the ETF applicants are diligently working towards accuracy. These applications likely result via extensive discussions and efforts on both ends, James added.