Spot Bitcoin ETF issuers file new AP disclosures with SEC

2024-01-09 07:54:17

At least 17 updated filings related to spot Bitcoin ETFs have been submitted to the SEC in the last 24 hours, with experts reaffirming high approval odds

A handful of spot Bitcoin ETF issuers filed amended S-1 and S-3 forms with the United States Securities and Commission (SEC) following a flurry of feedback between both parties as firms tighten up readiness for expected approval

BlackRock, VanEck, Valkyrie, ARK 21Shares, Grayscale, and Invesco Galaxy had submitted updated filings at press time. Outstanding amendments are expected sometime during Jan. 9 ahead of a decision deadline on Jan. 10

The changes filed on Jan. 9 were minor and included new language on authorized participant risk, counterparty insolvency, possible conflicts of interest, and potential momentary liquidity shortages. Four firms, Bitwise, Inscesco Galaxy, Wisdomtree, and Valkyrie, also reduced their fees according to the edits.

Updated language on counterparty risk and liquidity shortfalls from BlackRock’s iShares Bitcoin Trust form S-1 | Source: SECBitcoin (BTC) ETF issuers tendered these finals following what may be the final round of feedback from the SEC. ETF expert Eric Balchunas also noted that the quick turnaround between SEC comments and filings firms highlights urgency from firms.

In addition to these S-1 and S-3 submissions, several ETF providers like Franklin Templeton, Hashdex, Wisdomtree, and Bitwise filed updated 19b-4 forms with the SEC. This form, named “Proposed Rule Change”, will allow major U.S. exchanges like the Nasdaq to list spot Bitcoin ETFs if approved

The SEC reportedly received these amendments hours after issuers disclosed their spot BTC ETF fees, with Bitwise fielding the cheapest offer at 0.2%, down from its previous 0.24% initially stated. Furthermore, some firms plan to offer fee waivers for the first six-to-12 months as Wall Street heavyweights and crypto-native companies move to compete in America’s first spot Bitcoin ETF market.

Public posts from SEC chair Gary Gensler on X have also incentivized optimism for approval. Gensler published crypto-related investor advice for the second day in a row.

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