On Monday, both BlackRock and Bitwise submitted amended S-1 filings with the Securities and Exchange Commission (SEC) for their respective proposed spot bitcoin exchange-traded funds (ETFs). While the SEC has not yet approved any spot bitcoin funds and has previously delayed such applications, analysts suggest that the recent updates may indicate ongoing discussions between regulators and issuers.
Bloomberg Intelligence Analyst Insights
According to James Seyffart, a Bloomberg Intelligence analyst, the continuous submission of spot bitcoin ETF filings suggests active dialogue between the SEC and multiple issuers. Seyffart noted that the SEC and issuers are working diligently to address concerns, and the recent filings likely result from extensive conversations and collaboration.
BlackRock's Amended Filing Highlights
BlackRock's updated filing introduced new language regarding the trust administrator's efforts to monitor unusual price movements. Additionally, it included language related to anti-money laundering compliance and featured an audited statement from PricewaterhouseCoopers. The filing emphasized the engagement of known third-party service providers, subject to a due diligence process, including Authorized Participants, Market Makers, Prime Brokers, and the Bitcoin Custodian.
Market Speculation and Bitcoin's Performance
The speculation around potential SEC approval of a spot bitcoin fund has coincided with a notable surge in Bitcoin's price. Over the past month, the world's largest cryptocurrency has experienced a 20.6% increase, currently trading just below $42,000. The market is closely monitoring developments in the ongoing efforts to launch spot bitcoin ETFs.
Conclusion
The updated filings from BlackRock and Bitwise suggest continued efforts to navigate regulatory considerations for spot bitcoin ETFs. The inclusion of additional details related to monitoring, compliance, and third-party engagement underscores the commitment to addressing SEC concerns and advancing discussions in the evolving landscape of cryptocurrency exchange-traded funds.
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