Swift SEC Response Spurs Bitcoin ETF Update from BlackRock, VanEck

• BlackRock and VanEck File Updated Documents for Bitcoin ETF Launch
• Changes in the Recent Filings
• SEC Expected to Approve Applications
• Previous Coverage: SEC Races to Respond to Latest Bitcoin ETF Filings

BlackRock and VanEck File Updated Documents for Bitcoin ETF Launch

BlackRock (BLK) and VanEck, two of 13 firms aspiring to launch bitcoin (BTC) exchange-traded funds (ETFs) in the United States, have submitted updated paperwork on Tuesday. The U.S. Securities and Exchange Commission (SEC) has provided feedback to these potential issuers within the past 24 hours, as indicated by the filings. It was reported earlier that the SEC delivered comments to a collection of potential spot-bitcoin ETF issuers shortly after these companies presented documents detailing fee structures for their prospective offerings on Monday.

Changes in the Recent Filings

Noteworthy adjustments in the latest Tuesday filing include language intended to protect shareholders from damage in the event of insolvency and to avoid conflicts of interest between the ETF's authorized participants. The most recent submission demonstrates an almost unheard-of level of interaction between the SEC and potential issuers, including successive filings following SEC feedback, with updated submissions all within a 24-hour period.

SEC Expected to Approve Applications

The SEC is widely anticipated to green-light all the applications this week, as it is up against a January 10, 2024 deadline for one of the applications by Ark and 21 Shares. In a display of fairness, the SEC may seek to approve all applications simultaneously.

Previous Coverage: SEC Races to Respond to Latest Bitcoin ETF Filings

Edited by Jonathan Stoker