BlackRock, the world's largest asset manager, is hopeful for the approval of a Bitcoin spot exchange-traded fund (ETF) this coming Wednesday (10/1).
As information, the recent wave of Bitcoin spot ETF filings has drawn attention, especially since BlackRock joined the submissions in June 2023.
The latest update on the potential approval of the Bitcoin spot ETF came from FOX Business over the weekend.
Meanwhile, Reuters reported that several potential issuers expect the final approval for the S-1 filings related to the Bitcoin spot ETF on Tuesday night (9/1) or Wednesday.
The Chance of Bitcoin Spot ETF Rejection Drops to 5%
The United States Securities and Exchange Commission (SEC), which has the authority to approve or reject ETFs in the U.S., is said to be seeking minor changes.
Some potential issuers are expected to amend their filings to disclose costs or the identity of market makers for their Bitcoin spot ETF products. This update should be made by 8 a.m. on Monday (8/1) local time.
Additionally, some potential issuers view an unusual step, as the SEC is asking them to submit written requests to the regulator to expedite the effective date of the Bitcoin spot ETF. The normal process is for the regulator to discuss the timing more informally with potential issuers.
Bloomberg explains that SEC Commissioners, consisting of five people including Gary Gensler (SEC Chairman), are expected to vote on filings related to the Bitcoin spot ETF.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, mentioned that the launch of the Bitcoin spot ETF product will occur on Thursday (11/1). He stated that the likelihood of the Bitcoin spot ETF approval failure has decreased from 10% to just 5%.
11 Potential Issuers Submit Final Revisions
This recent development follows after 11 potential issuers of the Bitcoin spot ETF revised their 19b-4 filings on Friday (5/1). This strengthens the belief that the SEC may officially approve the presence of the Bitcoin spot ETF this week.
The list of potential issuers of the Bitcoin spot ETF who have submitted the final revisions includes Valkyrie, BlackRock, Invesco Galaxy, Bitwise, Grayscale, Hashdex, Ark 21Shares, Fidelity, Franklin Templeton, WisdomTree, and VanEck.
James Seyffart, an ETF analyst at Bloomberg Intelligence, stated that SEC approval of these latest filings is needed. After that, an approved S-1 document is required for the Bitcoin spot ETF to become effective. He estimates that both of these events could happen this week.
Interestingly, ETF analysts and the crypto community discuss a rumor that BlackRock has about $2 billion from Bitcoin holders looking to switch to the Bitcoin spot ETF in the first week of launch. If true, such funds would shatter all volume or assets under management (AUM) records on the first day or week for an ETF product.
On the other hand, VanEck claimed that they are not tourist investors in Bitcoin and are committed for the long term. That's why they decided to make an initial donation of $10,000 and commit to donating 5% of the profits from their Bitcoin spot ETF to support Bitcoin Core developers for at least the next 10 years.
Earlier on January 3, the SEC was reported to have held a series of meetings with the Nasdaq, New York Stock Exchange (NYSE), and Chicago Board Options Exchange (CBOE). These meetings are seen as a positive sign that the SEC is close to approving several Bitcoin spot ETF filings.
