BlackRock and VanEck on Tuesday submitted updated S-1 forms to the U.S. Securities and Exchange Commission (SEC) to approve their spot bitcoin ETF. The wait for approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. could come to an end this week finally, as the SEC is likely to declare S-1s as effective by Wednesday.
BlackRock And VanEck Amends S-1 Form For Spot Bitcoin ETF
According to the latest filings by BlackRock and VanEck, spot Bitcoin ETF issuers are agreeing to the latest comments by the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin ETF approval. The Bitcoin ETF issuers will submit multiple S-1 filings until the SEC declares registration statements as effective.
Among the few modifications made to the filings, there are updates regarding the potential harm to shareholders in the event of insolvency and the prevention of conflicts of interest among the authorized participants of ETFs.
Bloomberg senior ETF analyst Eric Balchunas said, “Hard to tell what has changed at first glance, but imp thing is that the unheard of 24hr turnaround time bt filing, comments and re-filing tells us all parties aiming to get this show on road pronto.”
Also Read: Spot Bitcoin ETFs Preparing To Start Trading By Thursday Morning
Some spot Bitcoin ETF issuers’ S-1 filings are expected to be declared immediately by the SEC. It will clear the way for most spot Bitcoin ETFs to start trading as soon as Thursday morning.
The SEC has been quick to respond to the latest spot Bitcoin ETF issuers’ S-1 submissions on Monday. While there are some delays, experts pointed out that 19b-4 filings as the most important indication for imminent spot Bitcoin ETF approval.
However, people close to the matter indicate constructive discussion between the SEC and issuers for a likely approval of spot Bitcoin ETF on Wednesday, January 10.
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