BlackRock and Bitwise Revise Bitcoin ETF Proposals, Awaiting SEC Approval Amid Market Surge

Published: December 05, 2023 at 12:54 am Updated: December 05, 2023 at 12:54 am

Edited and fact-checked:
December 05, 2023 at 12:54 am

In Brief

BlackRock and Bitwise have updated their applications for spot bitcoin ETFs with the SEC, signaling ongoing discussions and anticipation in the market, as Bitcoin’s price reacts positively to the potential of SEC approval.

BlackRock and Bitwise have recently amended their S-1 filings with the Securities and Exchange Commission (SEC) for proposed spot bitcoin ETFs, indicating a potential advance in the discussion of cryptocurrency fund approvals.

On Monday, BlackRock, a leader in asset management, filed an updated application for its much-anticipated spot bitcoin ETF. Bitwise, another significant player in the field, followed suit with a similar update, suggesting concerted efforts in the cryptocurrency ETF space.

Despite the SEC’s history of delaying or not approving spot bitcoin funds, these recent filings suggest that discussions might be ongoing behind the scenes. Analysts speculate that these moves could be a result of detailed discussions between the issuers and the SEC.

Possible Progress in BlackRock ETF Discussions

An analyst James Seyffart noted the influx of spot bitcoin ETF amendments, indicating active engagement between the SEC and issuers. These developments are seen as positive signs of progress in ironing out regulatory concerns.

The updated filing from BlackRock includes new language emphasizing efforts to monitor unusual price movements and a stronger focus on anti-money laundering compliance. It also features an audited statement from PricewaterhouseCoopers, highlighting the seriousness of BlackRock’s commitment to regulatory adherence.

Amid speculation over the SEC’s possible readiness to approve a spot bitcoin fund, Bitcoin’s price has surged significantly. The cryptocurrency has seen a 20.6% increase over the past month, trading just under $42,000, reflecting market optimism.

The updates to the ETF proposals by BlackRock and Bitwise indicate a maturing landscape for cryptocurrency funds. The market’s response to these developments underscores the high anticipation for SEC approval. This potential approval could significantly impact the future of cryptocurrency ETFs and the broader financial market.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti