New development in Bitcoin ETF applications

BlackRock, Ark and several other issuers that invest directly in bitcoin have filed S1 filings, the final step in the process before spot bitcoin ETF approval. BlackRock, Ark and several other issuers that invest directly in bitcoin have filed S-1 filings, which are prospectus documents for ETFs, with the U.S. Securities and Exchange Commission (SEC). Last week, several issuers, including Fidelity, Invesco, Galaxy Digital and Wisdom Tree, filed amended S-1 filings to specify authorized participants responsible for the creation and redemption of baskets for ETFs. The SEC is required to make a decision on the filings by Jan. 10. Following the development, bitcoin reversed its decline and traded 1.7 percent higher at $45,026 in New York. Two technical requirements must be completed for spot bitcoin ETF transactions. First, changes must be made to the 19b-4 forms for the filings. Some of those updated filings, including ETFs from BlackRock Inc., Grayscale Investments and others, were published Friday evening. Second, the SEC must approve the S-1 forms. If both approvals are received, the ETFs could start trading the next business day. The SEC is expected to vote on the 19b-4 filings in the coming days, according to Bloomberg News. An SEC representative did not comment on the matter.