Spot Bitcoin ETF Progress: BlackRock and VanEck quickly revise S-1 forms following SEC feedback.
Posted: Jan 9, 2024 9:55 AM Updated: Jan 9, 2024 9:55 AM
Correction and fact check date: January 9, 2024, 9:55 a.m.
briefly
BlackRock and VanEck filed an amended Form S-1 for their spot Bitcoin ETF application in response to the SEC’s final comments.
Investment management firms BlackRock and VanEck have filed an amended Form S-1 for their application for a spot Bitcoin exchange-traded fund (ETF) in response to final comments from the Securities and Exchange Commission (SEC).
The form submitted today includes language addressing potential insolvency of authorized participants or Bitcoin counterparties and makes minor adjustments to highlight potential conflicts of interest. Additionally, a warning about liquidity impairment scenarios for potential investors has been included.
Bloomberg ETF analyst Eric Balchunas noted on X (formerly Twitter) that both parties are interested in a quick fix.
Going forward, these issuers are awaiting SEC approval for their Form 19b-4 and S-1 filings to become effective. Trading can begin the day after these processes are completed.
Asset managers amend Form S-1.
The SEC issued comments to certain potential issuers yesterday following the filing of their latest forms. These comments focused on minor details and did not anticipate delays in applications.
Final details were also provided in the revised S-1 form filed Monday. Several providers, including Valkyrie, Bitwise, Grayscale, Invesco, BlackRock, ARK 21Shares, VanEck, and WisdomTree, have provided insight into each company’s proposed fee structure, providing a clearer understanding of their competitive position in the evolving cryptocurrency market. .
Some companies charge no fees at all for a limited time, with Bitwise offering the lowest flat fee of 0.24%. ARK 21Shares is close behind, targeting a 0.25% fee structure, while BlackRock is proposing a 0.3% fee structure.
With quick responses and updated filings, BlackRock and VanEck are accelerating their filings to ensure the SEC can process them ahead of the Bitcoin ETF approval deadline.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. For more information, please refer to the Terms of Use and any help and support pages provided by the publisher or advertiser. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles