Eleven Bitcoin spot ETF issuers, including BlackRock, submitted revised S-1 documents to the SEC last night. Several issuers indicated that they have injected seed funds into their Bitcoin spot ETFs. For example, VanEck and BlackRock have respectively invested $72.5 million and $10 million.
(Previous summary:
SEC Chairman hints at approval of Bitcoin spot ETF? Gary Gensler provides 3 investment recommendations
)
(Background supplement:
Compilation of fees for Bitcoin spot ETFs: Ark Invest, Bitwise offer zero fees initially, while this issuer is 7 times more expensive than others
)
Whether the Securities and Exchange Commission (SEC) will approve the first Bitcoin spot ETF this week has become the focus of market attention. Prior to the final deadline last night, eleven Bitcoin spot ETF issuers, including BlackRock, submitted revised S-1 documents to the SEC, outlining the fee structure and ticker symbols for their ETFs.
Further reading:
Compilation of fees for Bitcoin spot ETFs: Ark Invest, Bitwise offer zero fees initially, while this issuer is 7 times more expensive than others
Multiple issuers inject seed funds
Notably, the latest revised S-1 documents reveal that VanEck has injected $72.5 million in seed funds into its Bitcoin spot ETF. Seed funds refer to funds provided by banks and brokerages to purchase underlying assets, such as Bitcoin, in exchange for ETF shares that can be traded on the open market on the first day of listing. Therefore, the amount is usually not large, just enough to enable the ETF to operate.
Bitwise has also injected $500,000 in seed capital into its Bitcoin spot ETF. Pantera Capital also indicated that if the ETF is approved, it is interested in investing $200 million in the ETF. However, the company added a disclaimer stating that this is only an expression of interest and is not legally binding.
In addition, the revised S-1 document submitted by BlackRock shows that they have injected $10 million in seed capital into their Bitcoin spot ETF, while Fidelity has injected $20 million.
SEC issues supplemental opinions on S-1 revised documents
Another point of concern in the community is that on the same day the above institutions submitted their S-1 revised documents, the SEC also issued supplemental opinions on pending applicants’ S-1 revised documents. Perianne, the founder and CEO of the Chamber of Digital Commerce, believes that this may signal a delay in the decision on ETF applications.
However, Bloomberg ETF analyst James Seyffort has a different view. He expects more revised documents to be submitted the next day, but he does not believe that the SEC’s issuance of supplemental opinions is a signal of application delay.
(Related reports:
Standard Chartered Bank estimates Bitcoin spot ETF to attract “massive $100 billion investment”! BTC to rise to $200,000 in 2 years
ETF pioneer: Bitcoin spot ETF may initially trade at an “8% premium”
Five key details to pay attention to during the “most critical week” of Bitcoin spot ETF approval)