BlackRock and Bitwise have just updated their applications filed with the US Securities and Exchange Commission (SEC) to launch spot Bitcoin ETFs.
According to Bloomberg analyst James Seyffart, this highlights the regulator is passing similar instructions to issuers, and they are adapting their applications. According to him, this is another confirmation of preparations for product approval.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
Seyffart has explained:
"What does this mean? Without having read them -- it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides."
The SEC has previously started collecting public comments on spot Bitcoin ETFs. Attorney Scott Johnson has seen this as a sign of the regulator's willingness to simultaneously approve all applications for the instrument before January 10, 2024.
Representatives from the SEC and BlackRock held a meeting in November in which they discussed the details of a spot exchange-traded fund based on BTC.