BlackRock and Bitwise Update Spot Bitcoin ETF Application Files: Key Details!

• Bloomberg ETF Strategist James Seyffart reported the latest developments in the journey of spot Bitcoin ETFs with a recent update.
• Ongoing changes and submissions demonstrate collaborative efforts and extensive discussions to address concerns and streamline the process.
• Just two days ago, the SEC met with Grayscale, BlackRock, and other applicants for Bitcoin ETF discussions.

BlackRock and Bitwise have made new updates to their spot Bitcoin ETF application files on Monday night, following Bitcoin’s strong start to the week, surpassing $42,000.

Updating the ETF Files: BlackRock and Bitwise

Applicants for a spot Bitcoin ETF, in the wake of Bitcoin’s strong start to the week, rising above $42,000, submitted a new ETF S1 draft by BlackRock and Bitwise on Monday night.

Bloomberg ETF Strategist James Seyffart reported the latest developments in the journey of spot Bitcoin ETFs with a recent update. BlackRock, a significant player in the financial industry, submitted an S-1 amendment indicating its entry into the sector. This move was clearly coordinated by the SEC, providing instructions similar to multiple issuers. Bitwise Invest also made a second S-1 amendment for a spot Bitcoin ETF.

Ongoing changes and submissions demonstrate collaborative efforts and extensive discussions to address concerns and streamline the process. While the specific details of these amendments have not been disclosed yet, this flurry of activity indicates that applicants are investing significant time and effort to get closer to their goal despite the complexities within the regulatory landscape.

Just two days ago, the SEC met with Grayscale, BlackRock, and other applicants for Bitcoin ETF discussions. Seyffart’s Bloomberg colleague Eric Balchunas shared that BlackRock has already provided $100,000 in initial capital for its Bitcoin ETF.

BTC Price Rally

On December 4th, Monday, Bitcoin’s price recorded a strong rally, surpassing $42,000. Analysts believe that the recent price rally came amidst strong and positive developments expected for Bitcoin until January 10, 2024.

Antoni Trenchev, co-founder of digital asset company Nexo, stated, “After almost 19 months since the last visit to $40,000, the next significant lines are expected to be $48,000 and $52,000. How fast Bitcoin progresses toward $50,000 could depend on the approval of the spot Bitcoin ETF, and there is still no guarantee that the highly anticipated SEC approval won’t act as a rocket booster under the price.”