SEC Requests Final Changes to Identify Bitcoin ETF Documents: Report
The US Securities and Exchange Commission (SEC) has set December 29, 2023 as the final change date for Bitcoin ETF filings. BlackRock, Grayscale, and Arc Invest, among other companies, are eyeing approval of a Bitcoin ETF in 2024. Bitcoin price is hovering above $43K and could hit a new all-time high on ETF approval and other bullish catalysts.
The US Securities and Exchange Commission (SEC) has reportedly set a deadline to make final changes to applications for Bitcoin exchange-traded funds (ETFs) before it.
SEC officials have told representatives of seven firms seeking to list a bitcoin ETF in the coming weeks that they have until Dec. 29, 2023, to submit final changes to their proposals.
The SEC is expected to approve the Bitcoin ETF in early January
According to a Reuters report, the SEC has at least announced this to companies, with similar details in public memos and sources familiar with the developments.
The development comes after a busy few days for the regulator. Several meetings were held this past week with representatives from BlackRock, Grayscale Investments, ARK Investments and 21 Shares among other companies.
The deadline was Thursday, December 22. The agency asked applicants to submit any changes by December 29. It comes after the securities watchdog continues to push the cash creation and redemption models for the spot Bitcoin ETF.
BlackRock and Arc Invest/21 shares have made adjustments to reflect cash redemptions.
Apart from this list, other aspects expected in the final submission may relate to things like fees and “seed”.
BlackRock, which announced a $100,000 seed for the iShares Bitcoin Trust (IBIT) ETF in early October, is looking to reach $10 million in seed size by January 3. Eric Balchunas, Bloomberg's senior ETF analyst, recently highlighted this at X.
BlackRock is expecting to seed $10 million in $IBIT on January 3rd.
— Eric Balchunas (@EricBalchunas) December 22, 2023
The SEC is expected to make a final decision on the Ark Invest/21 Shares Bitcoin ETF proposal on January 10, 2024. Over the past several weeks, the crypto market has been increasingly speculating that the SEC may choose to approve multiple positions. Bitcoin ETFs at a time.
Bitcoin (BTC) price continues to rise above $43k ahead of possible crash on ETF approval. Analysts say this, as well as the upcoming BTC halving and the macroeconomic bull market, could lead to a rally to $120 or more in 2024.
