BlackRock and Bitwise sent new applications to launch a Bitcoin ETF

BlackRock And Bitwise submitted updated applications for the launch of spot Bitcoin ETFs.

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

Bloomberg analyst James Seyffarth took the events as a sign that the Commission was passing on similar instructions to issuers. In his opinion, this is another confirmation of preparations for product approval.

What does this mean? Without having read them – it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.

— James Seyffart (@JSeyff) December 4, 2023

After the publication of the tweets, Bitcoin made an unsuccessful attempt to gain a foothold above $42,000, updating its maximum since April 2022. At the time of writing, the daily growth rate has slowed to 0.5%, according to CoinGecko. The price fell back to $41,700.

Previously, the SEC began collecting public feedback regarding spot Bitcoin ETFs. Lawyer Scott Johnson saw this as a signal of the regulator’s readiness to simultaneously approve all applications for the instrument before January 10, 2024.

In November, representatives of the Commission and BlackRock held a meeting where they discussed the details of a spot exchange-traded fund based on the first cryptocurrency.

Prior to this, the regulator met with Grayscale management to discuss converting their Bitcoin trust into an ETF.