The U.S. Securities and Exchange Commission (SEC) has released important dates for the approval process. Bitcoin Spot Exchange Traded Fund (ETF) It is intended for applicants scheduled for release in January 2024.
Bitcoin Spot ETF Application Deadline
Fox Business journalist and producer Eleanor Terrett recently visited X (formerly Twitter) and share The Bitcoin Spot ETF approval process date provided by US regulators is December 29, 2023.
However, the deadline set by U.S. regulators applies to all S-1 Bitcoin spot ETFs. Terrett also highlighted the primary approval process from regulatory watchdogs.
It has now been released by the Department of Defense. secretary The first wave of possible spot Bitcoin ETF issuers will include only those companies that can successfully file their final S-1 amendment forms by the upcoming deadline. Therefore, if applicants do not meet this deadline, they will be excluded from the first round of support.
A Fox Business reporter pointed out that the in-kind repayment method provided by the applicants should not be included in the S-1 document. US regulators have warned that applicants who include this in their documents will be rejected.
Here is the post:
Final revision dates for all S-1s will be confirmed by Friday the 29th. @SECGov told issuers that applications fully completed and submitted by Friday will be considered in the first phase. Anyone who doesn’t will not be considered. Additionally, the document cannot mention in-kind creation or it will be rejected.
This is not surprising, as the SEC has been actively communicating with all applicants to remove any mention of “spot” from their spot Bitcoin ETF applications. Therefore, companies must follow a “cash generation” repayment strategy as required by regulatory watchdogs.
In this model, authorized participants can deposit funds into the ETF up to the net asset value of the units to be created. The funds are then used to purchase assets, in this case Bitcoin.
So far, two well-known companies such as BlackRock and Bitwise have taken the lead by filing their S-1 Amended Papers on December 4, 2023. VanEck also entered the fray, filing his fifth Form S-1 Amendment on December 8.
Blackrock launches $10 million seed fund
The world’s largest asset management company, black stone, recently announced plans to introduce $10 million in seed funding for its spot Bitcoin ETF. Bloomberg intelligence analyst James Seyffart shared Cryptocurrency community updates on social media platform
The goal of the Seed Fund is to accelerate the creation and adoption of ETFs. BlackRock’s $10 Million Seed Fund Demonstrates BlackRock’s Unwavering Commitment to Leading the Spot Bitcoin ETF Market. But Seyffart also exposed The Blackrock seed fund does not indicate a possible launch of the company’s BTC spot ETF.
Proceeds from the seed generation basket are expected on January 3, 2023, but are not confirmed as plans may change at any time.
Featured image from iStock, chart from Tradingview.com