BlackRock And Bitwise Updates Spot Bitcoin ETF S-1 Filings

Two spot Bitcoin ETF candidates, BlackRock and Bitwise, have updated their S-1 filings with the United States Securities and Exchange Commission (SEC). 

While the SEC has yet to greenlight any Bitcoin ETF application and has even postponed its decision on the applications sometimes, it is believed that these subtle moves are an indication that key discussions in light of the product are currently ongoing. 

Multiple Spot Bitcoin ETF Amendments

Senior Bloomberg ETF analyst James Seyffart shared the news of the amendment on the X app on Monday. 

“They’re just pouring in,” Seyffart wrote on X. “We have another spot #Bitcoin ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions.”

After having a chat with the SEC’s Trading and Markets division over the intricacies of the company’s application to transform its GBTC into a spot Bitcoin ETF, Grayscale provided additional details on its proposed Bitcoin ETF in an amended filing. 

Jonathan Steinberg-led ETF provider WisdomTree also filed an amendment of its spot Bitcoin ETF filing. VanEck and some other candidates have made a similar move.

Bloomberg ETF Analyst Predicts More S-1 Updates

It is worth noting that Seyffart’s colleague Eric Balchunas has earlier predicted that there were going to be a number of updated S-1 filings this week as a signal that the industry is nearing the window for a spot BTC ETF approval from the agency. The move made by these top asset management firms also confirms that they are cooperating with the SEC and heeding advice.

Balchunas is positive that there will be no updated 19b-4s in this week because the SEC has asked all BTC ETF applicants to send them offline. Quite some applicants have updated their spot Bitcoin ETF applications with the regulator. 

No Spot Bitcoin ETF First-mover Advantage 

Meanwhile, there is still so much optimism that an approval for the new offering will eventually come on or before January 10, 2024. In addition to the 90% approval odds which was predicted by Seyffart and Balchunas, many experts are positive that the SEC will roll out mass approvals for all issuers.

This is to avoid giving any of the spot BTC ETF applicants the satisfaction of “first-mover advantage.”