BlackRock, VanEck and Others Update Bitcoin ETF Filing Within Hours of Quick SEC Response
The filings indicate that the two entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours.
BlackRock, VanEck, and Others File Updated Documents for Bitcoin ETFs
BlackRock, VanEck, Invesco, Galaxy, ARK 21Shares, Grayscale, and other prospective issuers have filed updated documents for bitcoin (BTC) exchange-traded funds (ETFs) in the U.S.
The filings indicate that these entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments to in the past 24 hours.
Earlier, the SEC sent comments to these prospective issuers just hours after they filed documents detailing fees for their proposed products.
Changes in the Latest Updated Filing
The latest updated filings include changes to mitigate damage to shareholders in the event of insolvency and avoid conflicts of interest between the ETF's authorized participants.
Furthermore, Invesco and Galaxy have reduced the fee they plan to charge from 0.59% to 0.39% in their updated filing.
These filings demonstrate an unprecedented level of engagement between the SEC and prospective issuers, with frequent updates following SEC responses within a short span of 24 hours.
Expected Approval and Deadline
It is widely expected that the SEC will approve all the applications for bitcoin ETFs this week.
The SEC has a deadline of January 10, 2024, and may want to approve all the applications together in the spirit of fairness.
This week's approval decision will have significant implications for the future of bitcoin ETFs in the U.S. market.
