BlackRock and Bitwise renew Bitcoin ETF application

BlackRock and Bitwise are renewing their existing Bitcoin ETF application. The aim of the changes should be to meet the criteria of the responsible regulatory authority, the SEC. Experts expect the Bitcoin exchange-traded funds to be released between January 8th and 10th. There are currently no Bitcoin Spot ETFs on the US market.

BlackRock and Bitwise are renewing their existing Bitcoin ETF application

BlackRock and Bitwise are renewing their existing Bitcoin ETF applications in the US. The two asset managers want to soon launch the first Bitcoin Spot ETF in the North American country.

“Discussions with the SEC and potential issuers are ongoing,” said ETF expert James Seyffart on Twitter yesterday.

Accordingly, the SEC and the asset managers have so far disagreed about the detailed content of ETF management. In order to reach a common consensus, the parties are in negotiations.

First , Bitwise renewed the application for its Bitwise Bitcoin ETF last night. BlackRock’s change to its own iShares Bitcoin Trust followed 65 minutes later.

“They’re just pouring in. We have another amendment this evening,” Seyffart explained in response to BlackRock’s submission. “The SEC obviously gives the same or very similar instructions to several issuers,” explains the expert.

What do the latest amendments mean?

According to Seyffart, the latest amendments should be seen as a positive sign. The latest developments are playing into the hands of Bitcoin bulls, who are hoping that exchange-traded Bitcoin funds will be approved soon.

“What does that mean? Without reading them, it just means the wheel is still turning. Both the SEC and issuers are working hard to find common ground. These applications are the result of many discussions,” said Seyffart .

Seyffart and his colleague Eric Balchunas date the hoped-for release of the Bitcoin Spot ETFs to the period from January 8th to 10th, 2024. 20 different Bitcoin ETFs have now been registered with the US Securities and Exchange Commission (SEC), which may be released during the same period.

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After word of the change requests spread among crypto investors, the Bitcoin price briefly rose to almost $42,400. Corrections quickly emerged. At the time of going to press, BTC was only trading at $41,700.