Bitcoin ETF issuers submit updated AP disclosures to SEC
In the past 24 hours, the United States Securities and Commission (SEC) received updated filings for over 17 spot Bitcoin exchange-traded funds (ETFs). Experts are confident that these ETFs have a high chance of being approved.
Prominent ETF issuers, including BlackRock, VanEck, Valkyrie, ARK 21Shares, Grayscale, and Invesco Galaxy, have submitted amended S-1 and S-3 forms to the SEC. These filings come after a series of discussions and feedback between the issuers and the SEC, as companies prepare for the expected approval.
Minor changes were made in the updated filings on January 9. These changes include new language addressing authorized participant risk, counterparty insolvency, potential conflicts of interest, and temporary liquidity shortages. Four firms, namely Bitwise, Invesco Galaxy, Wisdomtree, and Valkyrie, have also reduced their fees.
The amended S-1 form from BlackRock’s iShares Bitcoin Trust includes updated language on counterparty risk and liquidity shortfalls.
The spot Bitcoin ETF issuers submitted these updated filings following what is believed to be the final round of feedback from the SEC. ETF expert Eric Balchunas commented on the quick turnaround between SEC comments and filings, highlighting the urgency of the issuers.
Apart from the S-1 and S-3 submissions, other ETF providers such as Franklin Templeton, Hashdex, Wisdomtree, and Bitwise have filed updated 19b-4 forms with the SEC. If approved, these forms, known as “Proposed Rule Change,” will allow major U.S. exchanges like Nasdaq to list spot Bitcoin ETFs.
The SEC received these amendments shortly after the issuers revealed the fees for their spot Bitcoin ETFs. Bitwise offered the lowest fee at 0.2%, down from the initially stated 0.24%. Additionally, some firms plan to waive fees for the first six to twelve months as they compete in America’s first spot Bitcoin ETF market, attracting both Wall Street giants and crypto-native companies.
Optimism for approval has been further incentivized by public posts from SEC Chair Gary Gensler on X, where he has been providing crypto-related investor advice for two consecutive days.
In summary, spot Bitcoin ETF issuers have submitted updated filings to the SEC, making minor changes and reducing fees. Experts predict a high likelihood of approval, and the quick response from issuers indicates their urgency. These filings, along with the submission of 19b-4 forms, have boosted optimism for the approval of spot Bitcoin ETFs.
