Bitcoin ETF applications updated a day before the deadline

In a back-and-forth that lasted longer than usual, the U.S. Securities and Exchange Commission (SEC) once again withheld comments on a recent form update submitted by companies requesting authorization to launch a Bitcoin (BTC) ETF.

Let’s remember that yesterday, as CryptoNoticias reported, 7 companies made a presentation Updates to your S-1 and S-3 forms Related to the service charges that these ETFs will charge their clients.

Bloomberg Intelligence hedge fund expert James Seifert Confirmed He SEC left comments on these forms And said that new amendments should be introduced again today, January 9.

And this is what is happening. At the time of this publication, The companies BlackRock, VanEck, ARK, Grayscale, Fidelity, WisdomTree, Valkyrie, Invesco, Franklin Templeton and Bitwise have submitted amendments.

The forms reflect changes that include warnings to investors about potential liquidity problems and risks of counterparties going bankrupt (facts that make it clear that holding shares of a Bitcoin ETF is not the same as actually owning Bitcoin).

For example, you can read in BlackRock’s ETF application:

“If the custodian agreement, lead executing agent agreement, an authorized participant agreement or a bitcoin business counterparty agreement terminates or the bitcoin custodian, lead executing agent, an authorized participant or a bitcoin business counterparty does not provide the bitcoin essential services, the trustee shall have a There may be a need to find and appoint a replacement custodian, enforcement agent, authorized participant or Bitcoin trading counterparty, which could create challenges to the Trust’s custody of Bitcoins, the Trust’s ability to create and redeem shares, and the ability to Confidence in continuing operations may be adversely affected.

Excerpt from BlackRock ETF Application, I Share® Bitcoin Trust

Regarding these amendments Seifert says: “I don’t think it’s necessarily indicative of a delay.” And it shouldn’t happen since The SEC has until tomorrow, January 10, 2024, to publicly rule in favor or against the ETF jointly proposed by ARK and 21Shares companies., The SEC could also approve multiple applications in the same day, preventing any one company from being favored over others.

Seifert expressed surprise at this unusual phenomenon:

«Sending a document to the SEC in the morning and receiving comments the same day is almost unheard of. “If they had wanted to delay, the broadcasters would not have got commentary tonight.”

James Seifert, investment fund expert.

While all this is happening, a day after the possible approval of a spot Bitcoin ETF in the United States, the price of the digital currency remains near its highest level in almost 2 years. At the time of this publication, as can be seen in the CriptoNoticias price calculator, Each BTC trades at $46,560.

Update 1/9/2024:
, 2:00 PM (UTC): ARK has also reportedly submitted an amendment to its application.
– 2:27 PM (UTC): Grayscale is reported to have also submitted an amendment to its application.
– 3:20 PM (UTC) Fidelity, Bitwise, Franklin Templeton, Valkyrie, Widsome Tree and Invesco have also reportedly submitted amendments to their applications.