Final Date for Amendments to Bitcoin ETFs Confirmed

Fund managers seeking to launch a spot Bitcoin ETF in the United States now have less than a week to finalize their applications.

The application process for fund managers in the race to launch a spot Bitcoin ETF in the U.S. has entered its final stages. As Fox Business reporter Eleanor Terrett confirmed, applicants have until Friday, December 29, to finalize their application. BlackRock, VanEck, Ark Investments, Fidelity, and Grayscale complete the list of around a dozen fund managers that have filed with the SEC to launch a spot Bitcoin ETF.

Applications must be finalized before the said date to be eligible for inclusion in the first wave of spot Bitcoin ETFs expected to be approved by the United States Securities and Exchange Commission (SEC). Additionally, issuers have reportedly been reminded to exclude any mention of in-kind creation in their applications or risk being denied the chance to launch alongside competitors. 

The deliberations on in-kind and cash creation have been one of the key highlights of negotiations between potential ETF issuers and the regulatory body. In initial filings, most fund managers opted for in-kind creation and redemption, which would have allowed the fund to pay out or receive BTC from investors directly.

However, the SEC urged applicants only to offer cash creation and redemption, which entails only accepting and paying out cash to investors. The latter approach eliminates significant security risks associated with transferring cryptocurrency and has since been adopted by several ETF issuers in a bid to get the SEC’s green light. 

Confirming the date for final amendments to all S-1s by Friday the 29th. The @SECGov has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not will not be considered. In addition, the filings cannot… https://t.co/syyINu1BEI

— Eleanor Terrett (@EleanorTerrett) December 24, 2023

The finalization of the approval process later this week will climax months of deliberations between the SEC and the application. Meanwhile, January 10 is the earliest approval window for the spot Bitcoin ETF applications, with the options market reflecting anticipation for the landmark decision. 

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BTC Gears Up for ETF News

The potential approval of a spot Bitcoin ETF has been a major driver for BTC’s price throughout the year. With the application process now in its final stages and a decision expected in the coming weeks, Bitcoin’s price has remained in an uptrend.

At the time of writing, BTC is trading at $43,200, representing a 15% increase in the past month. While the cryptocurrency saw a slight retracement over the weekend, it has gained 5% in the past seven days and maintains a bullish outlook going into what many believe will be a watershed moment for the asset.

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• Source: https://thecryptobasic.com/2023/12/25/final-date-for-amendments-to-bitcoin-etfs-confirmed/?utm_source=rss&utm_medium=rss&utm_campaign=final-date-for-amendments-to-bitcoin-etfs-confirmed