The world’s largest asset manager, BlackRock, expects the United States Securities And Exchange Commission to approve its spot Bitcoin ETF application as early as Wednesday.
On Friday, the Securities and Exchange Commission, stock exchanges, and investment management firms discussed last-minute wording changes on ETF filings.
BlackRock Believes Approval Imminent
According to reports, BlackRock expects its application for a spot Bitcoin ETF to be approved as early as next Wednesday. The asset manager is one of several applicants vying for the approval of a spot Bitcoin ETF by the Securities and Exchange Commission. Other applicants include Valkyrie, Grayscale Investments, Invesco, and ARK 21Shares. The Cboe BZX exchange also filed forms for VanEck, Pando Asset AG, WisdomTree, and Franklin Templeton last week.
Investors and companies in the crypto space are waiting in anticipation of the approval of a spot Bitcoin ETF by the Securities and Exchange Commission. Industry watchers are of the belief that a spot Bitcoin ETF approval could bring in billions in fresh funding into the crypto space. As a result of the anticipation of approval by the SEC, the price of Bitcoin has seen a considerable surge in recent weeks, signaling the market’s enthusiasm for a spot Bitcoin ETF, which allows traders to do more than speculate on the price of Bitcoin through futures contracts.
Last Minute Updates
The United States Securities and Exchange Commission, stock exchanges, and investment management firms met on Friday to discuss last-minute wording changes on filings for the spot Bitcoin ETF applications. Discussions with the SEC were held regarding the S-1 prospectus documents that every exchange-traded fund (ETF) must submit for approval, according to representatives of five firms who held talks with the SEC. Many issuers stated that they expect the final approval of the S-1 filings by Tuesday or Wednesday.
According to the issuers, the Securities and Exchange Commission sought minor changes. Asset managers must now amend their filings to disclose fees or identities of market makers for their ETFs. The updates are due by 8 AM ET on Monday and could become public on the same day itself.
Regulators have also been working with exchanges to finalize the 19b-4 filings. These filings spell out 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 Securities and Exchange Commission must approve or reject the Ark/21Shares ETF. The SEC has so far steadfastly rejected spot Bitcoin ETF applications, citing concerns about market manipulation.
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Source: https://cryptodaily.co.uk/2024/01/blackrock-expects-spot-bitcoin-etf-approval-by-wednesday