SEC requests final modifications to identify Bitcoin ETF filings

Final revisions to spot Bitcoin ETF filings are due to the US Securities and Exchange Commission (SEC) on December 29, 2023.

According to reports, the US Securities and Exchange Commission (SEC) has imposed a deadline for the final revisions to Bitcoin ETF proposals pending before it.

SEC authorities informed seven companies that they need to submit their final plans for a spot Bitcoin ETF by December 29, 2023, if they want to launch one in the next few weeks.

According to Reuters, the SEC informed at least a few corporations about this; public documents and people familiar with the matter provide more specifics.

The regulator has had a hectic few days, so this development is welcome. This past week, a number of meetings were held with representatives from several firms, including BlackRock, Grayscale Investments, ARK Investments, and 21 Shares.

Applicants were reportedly instructed to submit any revisions by December 29 in the most recent notice, which was dated Thursday, December 22. It follows the securities regulator’s persistent calls for more liquidity and redemption options for the spot Bitcoin ETF.

The cash redemption has been included in the filings of BlackRock and Ark Invest/21 Shares. Final filings may also include matters like fees and “seeds” in addition to this specific content.

Adding $10 million to the $100,000 first seed for their iShares Bitcoin Trust (IBIT) ETF by January 3 is supposedly in the works for BlackRock. The announcement was made in October. Eric Balchunas, a senior ETF analyst at Bloomberg, just brought it to light via X.

On January 10, 2024, the SEC will finalize the proposal for the Ark Invest/21 Shares Bitcoin ETF. The prospect that the SEC may choose to approve many spot Bitcoin ETFs simultaneously has been a source of growing optimism in the cryptocurrency sector over the last few weeks.

In anticipation of a possible breakthrough on ETF clearance, the price of Bitcoin (BTC) has been hovering around $43,000. In 2024, experts predict that this, together with the impending Bitcoin halving and the overall economic climate, may spark a bull market rise that reaches $120 or perhaps higher.

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