Today is the deadline for submitting final updates to Bitcoin Exchange-Traded Funds (ETFs) as set by the United States Securities and Exchange Commission (SEC), marked for December 29. This deadline sets the stage for Bitcoin ETF applicants, as those who fail to meet the deadline will not be considered in the first round of potential approvals scheduled for early January.
Representatives from prominent firms, including BlackRock, Grayscale Investments, ARK Invest, and 21 Shares, met with SEC officials on December 21 to discuss the prospects of Bitcoin ETFs. In these meetings, the SEC communicated to the representatives that any applicant not meeting the December 29 deadline would be excluded from the first wave of potential approvals scheduled for the early days of January.
The industry eagerly awaits the SEC’s decision, with some companies making last-minute updates to their submissions. According to reports, BlackRock and ARK recently amended their filings to allow cash redemptions, a modification requested by regulators as part of the review process.
Analysts Consider it a Done Deal; Bitcoin ETF in a Few Days
Bloomberg analysts expressed confidence that, despite last-minute updates and changes in the submitted documents, the SEC will approve the first Bitcoin ETFs by January 10. This milestone is considered crucial for integrating Bitcoin into traditional financial markets and is expected to generate a significant increase in institutional adoption of the cryptocurrency.
In a series of meetings, the SEC has made it clear that the December 29 deadline is crucial. This approach demonstrates the regulatory body’s strictness in ensuring that applicants meet requirements and provide updated information in the Bitcoin ETF review process.
In another related development, ARK Invest took the lead by submitting the first final amendment for its proposal before the deadline. This amendment focuses on authorized participants and is presented as a key step toward the potential approval of ARK Invest’s Bitcoin ETF. Shortly after, VanEck followed the same path as ARK and submitted some final modifications to its proposal.
— James Seyffart (@JSeyff) December 29, 2023
It is expected that other companies will follow suit and submit amendments in the next 24 hours as they seek to meet the SEC’s requirements and position themselves for early approval in the first business days of 2024. We will be keeping an eye out for further updates before the gap closes for any changes.