Unexpectedly, as part of the spot Bitcoin ETF applications, the US Securities and Exchange Commission (SEC) released more feedback on the form S-1s of pending applicants. There were strong expectations that a clearance notification will be made before the deadline of January 10, 2024.
Should You Act Quickly or Delay?
The most recent development, according to Chamber of Digital Commerce President and Founder Perianne Boring, is a delay signal from the government. James Seyffart, a Bloomberg analyst, disagrees that the release of more remarks is a sign that the ETF approval would be delayed. The form S-1s were forwarded to the SEC, and the agency returned with further comments the same day, according to the analyst, who noted that this was unusual given how quickly the SEC is responding to applications for Bitcoin ETFs.
🚨SPOT BITCOIN ETF UPDATE: The SEC just issued additional comments on pending applicant’s S-1s. This is a delay signal.🚫 #BitcoinETF #bitcoin
— Perianne (@PerianneDC) January 9, 2024
The SEC representatives must decide whether to approve or reject the Ark 21Shares spot Bitcoin ETF application by January 10, 2024, at the latest. Among the initial applicants were Ark 21Shares; others included Blackrock, Fidelity, Bitwise, Van Eck, and Valkyrie.
1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn’t out of ordinary)
2. Expect to see more amendments tomorrow because of this
3. That said — I don’t think this is necessarily a delay signal https://t.co/o2m0lIBSct— James Seyffart (@JSeyff) January 9, 2024
So What?
Up to nine issuers submitted the most recent 19b-4s refiles, even though the potential ETF issuers are handling the documentation needs. As of 8 a.m. Eastern Time on January 8, 2024, Blackrock’s refiling for their iShares Bitcoin ETF filed was reported to be missing. Analysts, however, claim that the permission is likely coming soon because there may be time to also make changes in the future. Will US SEC representatives honor the January 10 deadline for approving the country’s first-ever spot Bitcoin ETF?
