Investment management firm VanEck has submitted an updated S-1 document to the U.S. Securities and Exchange Commission (SEC) regarding its spot Bitcoin exchange-traded fund (ETF), transitioning to a cash creation arrangement. However, the firm has not yet officially designated its Authorized Participant (AP).

Bloomberg ETF analyst James Seyffart divulged the news on social media on December 30. He remarked that the lack of an officially named AP doesn't necessarily mean approval will not be granted.

"Prior to an offering, each issuer must file a valid prospectus. Essentially this already means they can go online, it's just that APs (along with fees and other details) must theoretically be specified within them," Seyffart added.

VanEck's actions align with the recent wave of adjustments undertaken by numerous Bitcoin spot ETF applicants, triggering a rush of revisions to their S-1 filings to satisfy regulatory guidelines before the SEC's deadline. The primary modifications have seen many applicants shift their proposed ETFs to cash creations, while several others have detailed their APs and fees.