SEC sets December 29 deadline for spot Bitcoin ETF update
Bitcoin (BTC) exchange-traded fund (ETF) applicants have just a few days to complete their registration to meet the deadline set by the United States Securities and Exchange Commission.
The SEC has set a deadline for the spot Bitcoin ETF applicants to submit final S-1 amendments by December 29, Reuters reported, citing public filings and two people familiar with the discussions.
According to the report, SEC officials met with representatives of at least seven organizations to launch a Bitcoin ETF on December 21, 2024. Some of those who attended those meetings included representatives from BlackRock, Grayscale Investments, ARK Invest and 21 Shares. .
The meetings reportedly involved representatives of exchanges that may list new products, including Nasdaq and the Chicago Board of Options, as well as lawyers and issuers.
Regulators told attendees at the meetings that any issuer that doesn't meet the Dec. 29 deadline won't be part of the first wave of Bitcoin ETF approvals in early January.
Among those reporting on the deadline was Fox Business reporter Eleanor Terrett. Terrett then confirmed that the final revision date for all S-1s is December 29.
The journalist said on X (formerly Twitter) “The SEC told issuers that applications fully completed and submitted by Friday will be considered in the first wave.” She emphasized that the records that mention creation in kind will be rejected.
The deadline for final revisions on all S-1s is Friday. Checking up to 29. @SECGov told donors that applications that are fully completed and filed by Friday will be considered in the first wave. A person who is not will not be considered. Also, the records cannot… https://t.co/syyINu1BEI
— Eleanor Terrett (@EleanorTerrett) December 24, 2023
As previously reported, multi-locus Bitcoin ETF filers have been rushing to update their S-1 filings with a cash redemption model, replacing in-kind redemptions, which refer to non-cash payments like Bitcoin.
Related: Spot Bitcoin ETF Will Be ‘Bloodbath' For Crypto Exchange, Says Analyst
In addition to the cash-only requirement, the SEC also reportedly requires Bitcoin ETF filers to name authorized participants (AP) in their filings. According to Bloomberg ETF analyst Eric Balchunas, the AP deal will be the last hurdle on the road to diversifying Bitcoin ETFs.
“This last step isn't easy, and it can keep some from getting started. AP Consent + Creates Cash = Approval,” Balchunas wrote on X. As of December 22, no Bitcoin ETF filers had an AP Consent, while seven firms had switched their redemption model strictly to cash, according to Balchunas.
Although several companies have made last-minute updates to their positions, Bloomberg analysts are confident that the SEC will approve the first position Bitcoin ETFs by January 10.
Magazine: SEC Delays Ether ETFs, Binance Deal Approved, and Another Court Loss for SBF: Hodler's Digest, December 17–23
