BlackRock, Van Eck, Valkyrie File Last Minute Bitcoin ETF Updates

Asset managers BlackRock, Valkyrie and Van Eck filed amended S-1 forms with the U.S. Securities and Exchange Commission on Dec. 29, the deadline for the SEC to review them in January 2024. The forms are revisions of their previous applications. Bitcoin (BTC) exchange-traded funds (ETFs).

In its revised application, Van Eck states: “Financial institutions authorized to purchase or take shares with the trust (known as ‘authorized participants' or ‘APs') will provide only cash to create shares and receive only cash when purchasing shares.” ” This is consistent with the SEC's choice.

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BlackRock's updated filing lists Jane Street and JPMorgan Securities as “permitted participants” in the proposed spot Bitcoin ETF application. BlackRock said it uses a cash-only model. On October 11th, he was the first user to trade on JPMorgan's Tokenized Collateral Network service.

BlackRock first filed for the BTC ETF in June, and Valkyrie filed a week later. BlackRock representatives held two meetings with the SEC in December. Alternative asset manager Valkyrie was at least one meeting this month.

Commenting on the BlackRock update, Bloomberg ETF analyst Eric Balchunas said, “It seems [like] We have the first horse […] At the front door,” perhaps referring to the asset manager's chances of obtaining SEC approval.

BlackRock just dropped its updated S-1 and named the APs: Jane Street and JPMorgan (which is funny). The first horse seems to be at the front door. pic.twitter.com/H3UmaesygJ

— Eric Balchunas (@EricBalchunas) December 29, 2023

Earlier this week, Balchunas said he expects the SEC to decide on the best Bitcoin ETF filings by January 10, 2024. If approved, the business could start shortly, he said.

Valkyrie appointed Jane Street Capital and Cantor Fitzgerald as authorized participants in the Amended S-1. In addition, StoneX Financial serves as the main market maker.

BlackRock, Van Eck, Greyscale, BitWise, WisdomTree, Invesco, Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, GlobalX ETF and Pando Asset have all filed S-1 filings for the Space Bitcoin ETF.

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