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Applicants of the spot Bitcoin ETF continue to be on their toes as BlackRock and Bitwise submitted a fresh ETF S1 prospectus on Monday night. The development took place as the Bitcoin price rallied all the way past $42,000 in a strong start to the week.
Final Days Before the Bitcoin ETF Approval
In a recent update, Bloomberg ETF Strategist James Seyffart reported new developments in the journey toward a spot Bitcoin ETF. BlackRock, a major player in the financial industry, has submitted an S-1 amendment, signaling its entry into the arena. This comes amidst apparent coordination by the SEC, which has been issuing similar instructions to multiple issuers.
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
Furthermore, BitwiseInvest has also made a second S-1 amendment for its spot Bitcoin ETF. The ongoing conversations between issuers and the SEC reflect the complexities involved in navigating regulatory pathways. The continuous amendments and submissions indicate the collaborative efforts and extensive discussions taking place to address concerns and streamline the process.
While the specific details of these amendments are yet to be disclosed, the flurry of activities suggests a concerted effort on both sides – regulatory authorities and issuers – to progress towards the eventual approval of Bitcoin ETFs.
These developments reinforce the notion that applicants are investing considerable time and effort to move closer to the goal, despite the intricacies involved in the regulatory landscape. Just two days before, the US SEC met Grayscale, BlackRock, and other applicants over the Bitcoin ETF talks.
Seyffart’s colleague at Bloomberg Eric Balchunas also shared that BlackRock has already provided a seed capital of $100K for its Bitcoin ETF.
The BTC Price Rally
The Bitcoin price has registered a strong rally shooting past $42,000 on Monday, December 4. Analysts believe that the recent price rally comes amid strong and positive developments regarding Bitcoin, expected to arrive by January 10, 2024. Speaking to CNBC, Antoni Trenchev, co-founder of digital asset company Nexo said:
“Now that $40,000 has been revisited for the first time in almost 19 months, $48,000 and $52,000 look to be the next significant lines in the sand. How swiftly Bitcoin marches towards $50,000 might well depend on when a spot-Bitcoin ETF is approved and even then, there’s no guarantee the much anticipated nod from the SEC will put a rocket booster under the price”.
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