BlackRock and Van Eck Submit Amended Bitcoin ETF Proposals to SEC: Decision Expected by January 2024
Summary:
Financial management firms BlackRock and Van Eck have submitted amended S-1 forms to the U.S. Securities and Exchange Commission, with Van Eck stipulating cash-only transactions for share creation and redemption. BlackRock has identified Jane Street and JP Morgan Securities as the "Authorized Participants" in its proposed Bitcoin spot ETF application, leading to speculation of potential approval from the SEC. A decision on these applications is expected by January 10, 2024.
On the 29th of December, financial management companies BlackRock and Van Eck presented updated S-1 forms to SEC, the U.S. Securities and Exchange Commission – the final day for SEC decisions in January 2024. Van Eck's modified application stated that authorized financial organizations, termed "Authorized Participants" or "APs", who are allowed to buy or sell shares with the Trust, will solely utilize cash for shares' creation and redemption, in accordance with SEC's preferences.
The revised application from BlackRock identifies Jane Street and JP Morgan Securities as the "Authorized Participants" in its proposed application for a Bitcoin spot ETF. Speaking about the amendment from BlackRock, Eric Balchunas, Bloomberg ETF analyst commented that this might indicate its potential approval from SEC, referring to BlackRock as possibly the "first horse at the starting gate."
Balchunas had previously mentioned this week that he anticipates the SEC offering a verdict on the pending Bitcoin spot ETF applications by January 10, 2024, with a likelihood of trading to kick-off soon after, if approved. As this news continues to unfold, additional details will be included as they surface.
Published At
12/29/2023 11:25:22 PM
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