Major players in the crypto space, BlackRock and Bitwise, are gearing up for a potential game-changer in the world of Bitcoin ETFs. The recent surge in Bitcoin prices, surpassing $42,000, adds momentum to their efforts as they submit a revised Spot Bitcoin ETF S1 document.
Read CRYPTONEWSLAND onThe latest S-1 amendments from BlackRock and Bitwise suggest a closer collaboration with the SEC, indicating a step forward in the approval process. Bloomberg ETF Strategist James Seyffart reported these developments, highlighting BlackRock’s entry into the arena with its S-1 amendment, coinciding with instructions issued by the SEC to multiple issuers.
BitwiseInvest has also submitted a second S-1 amendment for its spot Bitcoin ETF, emphasizing the ongoing dialogues and collaborative efforts between issuers and regulatory authorities. While specific details remain undisclosed, the flurry of activities reflects a shared commitment to addressing concerns and progressing toward the approval of Bitcoin ETFs.
These recent submissions come after the US SEC engaged in discussions with Grayscale, BlackRock, and other applicants, underscoring the significance of these talks in navigating the complex regulatory landscape.
In a parallel development, BlackRock has allocated a seed capital of $100K for its Bitcoin ETF, reinforcing its commitment to this innovative financial instrument.
The strong Bitcoin price rally, reaching over $42,000 on December 4, is seen as a response to positive developments expected by January 10, 2024. Antoni Trenchev, co-founder of Nexo, noted that the speed of Bitcoin’s march towards $50,000 may hinge on the approval of a spot-Bitcoin ETF, with no guarantee of an immediate price boost even upon SEC approval.
As the crypto community eagerly awaits further details on these amendments, the collaborative efforts between major players and regulatory bodies suggest a dedicated push towards embracing Bitcoin ETFs in the financial landscape.
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