BlackRock and Bitwise Submit Revised Applications for Spot Bitcoin ETF to the SEC
Mitchell Nixon
BlackRock, the massive asset management firm, submitted a revised S-1 filing to the Securities and Exchange Commission on Monday for its intended spot bitcoin ETF, mirroring Bitwise’s similar action.
Despite the SEC’s history of delaying and not yet approving any spot bitcoin fund applications, analysts suggest these recent developments might hint at ongoing discussions within the regulatory body.
UPDATE: They're just pouring in. We have another spot #Bitcoin ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions. pic.twitter.com/nk1yImZpXk
— James Seyffart (@JSeyff) December 4, 2023
“The wheel is still turning,” Seyffart continued. “Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.”
The revised filing from BlackRock introduced fresh content detailing measures the trust administrator will implement to track unusual price fluctuations. Additionally, it incorporated language pertaining to anti-money laundering compliance and included an audited statement by PricewaterhouseCoopers.
“The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorised Participants, Market Makers, Prime Broker and Bitcoin Custodian,” the updated filing stated.
Bitcoin’s notable surge comes amidst speculation that the SEC might be gearing up to grant approval for a spot fund. The leading cryptocurrency globally, with a market capitalization, has escalated by 20.6% in the last month and is presently hovering just below $42,000 in trading value.
