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The race to potentially launch a spot Bitcoin Exchange Traded Fund (ETF) product in the United States is not losing steam as BlackRock has just filed a newly amended S-1 to incorporate the comment from the Securities and Exchange Commission (SEC) over its fee filing on Jan. 8.
Updated BlackRock S-1 filing
Since it entered the spot Bitcoin ETF race earlier in the year, BlackRock has proven that it wants this product almost as much as the other key players on the market today. In the latest filing, BlackRock amended language on what is expected if one of the authorized partners or Bitcoin brokerage counterparties suffers a conflict of insolvency.
Mushumir ButtWhile these changes are deemed simple, they also entail warnings to potential investors on what to expect in a situation where the market or product may suffer impaired liquidity.
The interesting dynamics between the comment from the SEC and the amended filings mark a rare transition in the regulator’s approach toward any ETF in history. The amended filing now keeps BlackRock in the race against the potential approval for the spot Bitcoin ETF product any time from Jan. 10.
With BlackRock taking the leading role in the amendment move, other applicants are poised to make related moves going forward as well.
Chances of spot Bitcoin ETF approval
The market is currently seeing the completion of the checklist of key events expected in the spot Bitcoin ETF ecosystem at the moment.
Yuri MolchanJan. 10 might prove to be the most pivotal date in the industry thus far as the regulator is expected to take a vote on some of the applications for the product. Though different schools of thought suggest the SEC may not dance to the tune of the applicants, top proponents of this product, including Bloomberg’s Senior ETF analysts, are still convinced the odds of approval are well above the earlier projected 90% benchmark.
Vladislav Sopov
Dan Burgin