💥BlackRock filed an updated version of its spot Bitcoin ETF s-1 application.

The iShares brand is associated with BlackRock's ETF product, with their Bitcoin (BTC) ETF being called the iShares Bitcoin Trust. Coinbase was appointed as custodian for the underlying ETH. BlackRock comes nearly a week after registering the iShares Ethereum Trust with the Delaware Division of Corporations and nearly six months after filing their spot Bitcoin ETF application.

Filing for a spot ETF is a two-step process in which ETF issuers must obtain SEC approval from the Trading and Markets division on their 19b-4 filing and the Corporate Finance division on their S-1 or prospectus filing.

Many institutional giants filed for spot crypto ETFs during the last bull cycle as well, only to face resistance from the SEC, which claimed the size of the crypto market was not large enough for a spot crypto ETF. However, market and ETF analysts predict that the chances of approval for a spot Bitcoin ETF are as early as 2024 by 90%, while approval for an ETH spot ETF may come after that.

#ACE #BTC #BONK #INJ #BinanceWish

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