Recently, the SEC has required Bitcoin spot ETF issuers to submit their final S-1 amendments by the 29th of this month and confirm underwriter information. Today, Ark Invest and 21Shares became the first issuers to submit their S-1 amendments before the deadline, but the details regarding their underwriters are still unclear.
On the 23rd of this month, Bloomberg ETF analyst Eric Balchunas commented that the approval of Bitcoin spot ETFs depends on two key factors: following the SEC’s preferred cash creation/redemption model and confirming underwriter information. These updates must be submitted in the final S-1 amendment by the 29th of this month.
At that time, the SEC also informed that any issuers who fail to complete the changes before the deadline will not be among the first potential approved Bitcoin spot ETFs in early January. However, just 10 hours ago, Bloomberg ETF analyst James Seyffart expressed surprise on Twitter that he had not seen any amended Bitcoin spot ETF documents.
Finally, just recently, Ark Invest and 21Shares became the first issuers to submit the S-1 amendments. However, it was expected that this S-1 document, which was close to the deadline, would clearly state the underwriter information. Analyst Balchunas stated, “So, is this S-1 amendment submitted by Ark Invest and 21Shares the final version? This leaves us in suspense.”
Ark Invest sells off GBTC
Yesterday (28th), analyst Balchunas pointed out that Ark Invest has sold off all remaining GBTC holdings in the ARKW fund and used a significant amount of funds to purchase BITO (Bitcoin futures ETF), making Ark Invest the second-largest holder of BITO.
The community was curious and wondered if Ark Invest foresaw that the Bitcoin spot ETF would not be approved, so they pre-sold GBTC. However, according to Phyrex’s analysis, Ark Invest’s significant purchase of BITO (the first long futures in the US) indicates that they expect BTC to rise significantly, reflecting their optimism for the approval of Bitcoin spot ETFs. In addition, choosing to sell GBTC is because compared to holding futures, the upside potential of GBTC after the spot ETF is significantly reduced. After all, according to Coinglass data, the discount rate of GBTC has reduced to less than 9%.
Multiple issuers expected to submit within one day
Currently, a total of 13 issuers are vying for approval of the Bitcoin spot ETF, so it is expected that more amended S-1 documents will be seen within one day. On the 23rd, Bloomberg analyst James Seyffart revealed that BlackRock, Hashdex, and Pando Asset have already submitted amended S-1 documents, but BlackRock has not yet confirmed its underwriter in that document, so it is expected to submit the final amendment again by the 29th.
Related Reports:
GBTC discount reaches a historical low of -10%, did Ark Invest reduce holdings by over 420,000 shares this month and “get off early”?
If spot ETF is approved, will Bitcoin drop? CryptoQuant: BTC may retest $32,000, investors and miners take profits
Bloomberg analyst: Cash creation in Bitcoin spot ETFs will hinder more financial institutions from entering
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