Recently, the SEC has required Bitcoin spot ETF issuers to submit the final amended S-1 version and confirm underwriter information by December 29th. Earlier today, nine issuers including BlackRock and Fidelity have submitted revised versions of the S-1 form.
The market is currently optimistic that the U.S. Securities and Exchange Commission (SEC) will approve the first round of Bitcoin spot ETFs before January 10th, 2024. Bloomberg analyst Eric Balchunas recently commented that the key to obtaining SEC approval for BTC spot ETFs lies in the submission of amended S-1 forms by issuers such as BlackRock and Fidelity.
Several issuers have already submitted revised versions of the Bitcoin spot ETF’s S-1 form to the SEC before the deadline on the 29th. They have disclosed the authorized underwriters (AP) information, as summarized below:
BlackRock: Designated Jane Street Capital and JP Morgan as its AP and has confirmed the use of a cash redemption mechanism.
Fidelity: Jane Street has been designated as its AP, with a total expense ratio as low as 0.39%, the lowest among all issuers.
Valkyrie: Designated Jane Street and Cantor Fitzgerald as AP, with a total expense ratio of 0.8%.
WisdomTree: Also designated Jane Street as its AP.
Franklin Templeton: AP information is not explicitly mentioned, with the document only stating that the AP list can be obtained from the manager or agent.
Invesco/Galaxy: Designated Virtu and JPMorgan as AP and will waive fees for the first 6 months.
VanEck: Confirmed the use of a cash redemption mechanism but did not specify detailed AP information.
Bitwise: AP information has not been disclosed, and the fee ratio has not been revealed. It was revealed that someone has invested $200 million in BITB.
It is worth noting that Ark/21 Shares was the first to submit the amended S-1 form yesterday but did not disclose AP information. VanEck and Bitwise also did not disclose underwriter information in their latest submitted S-1 forms, and it is uncertain whether it will affect their future SEC approval.
Note: APs are key enterprises in the primary market of ETFs that directly subscribe to or redeem ETF shares from issuers, usually large banks or institutions.
Grayscale, which is actively working on converting its Bitcoin Trust Fund (GBTC) into a Bitcoin spot ETF, has designated Jane Street and Virtu as its underwriters.
Furthermore, Grayscale CEO Michael Sonnenshein tweeted earlier today that as early as 2017, Grayscale designated Jane Street and Virtu as its AP.
It is expected that the market will anxiously wait for the SEC’s decision on the first batch of Bitcoin spot ETFs before January 10th. If approved, it remains to be seen whether it will significantly boost the Bitcoin price, similar to the bullish market for Bitcoin futures ETF in 2021. This is something we should continue to monitor.
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Related Reports:
– If the Bitcoin spot ETF is approved, BTC may fall! CryptoQuant: BTC may retest $32,000 as investors and miners take profits.
– Speculation on the approval of Bitcoin spot ETF: BTC may experience a slight surge followed by a sharp decline, and it is difficult to start a bull market without meeting three conditions.
– Bloomberg analyst: Cash redemption in Bitcoin spot ETFs will hinder the entry of more financial institutions.
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