The SEC's approval process for the first wave of spot Bitcoin ETFs is nearing its deadline.
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The SEC's approval process for the first wave of spot Bitcoin ETFs is nearing its deadline.
The deadline given by the SEC is only for the S-1 spot BTC ETF.
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The U.S. Securities and Exchange Commission (SEC) has revealed a key date for the approval process of spot BTC ETF applications, with the fund expected to launch in January 2024.
Fox Business reporter and producer Eleanor Terrett recently shared on X (formerly Twitter) that the SEC set December 29, 2023, as the deadline for finalizing the approval process for spot BTC ETFs.
However, this SEC deadline applies only to S-1 filings for initial spot BTC ETF applications. Terrett also emphasized the SEC’s first-wave review process.
The SEC now discloses that only issuers who successfully submit their final revised S-1 forms by December 29 will be considered for the first wave of potential spot BTC ETF approvals. Therefore, any applicant failing to meet the deadline will not be considered in this initial round.
Terrett further noted that the physical redemption mechanism should not be included in the S-1 filing. The SEC has warned that any application containing such information will be rejected.
The exact post reads:
"We confirm the 29th (Friday) as the date for final revisions to all S-1 applications. @SECGov has informed issuers that applications completed and submitted by Friday will be considered in the first wave; otherwise, they will not be considered. Additionally, filings must not mention physical redemption, or they will be rejected."
This is unsurprising, as the SEC has been actively communicating with all applicants, instructing them to remove any references to “physical” delivery from their spot BTC ETF applications. As a result, these companies must follow the SEC-mandated "cash" redemption structure.
Under this model, authorized participants can deposit cash into the ETF up to the net asset value of the units being created. These funds are then used to purchase assets—in this case, BTC.
So far, two prominent firms—BlackRock and Bitwise—have taken proactive steps by submitting amended S-1 filings on December 4, 2023. VanEck joined shortly after, filing its fifth S-1 amendment on December 8.
BlackRock, the world's largest asset manager, recently revealed plans to introduce $10 million in seed funding for its spot BTC ETF. Bloomberg Intelligence analyst James Seyffart shared this update with the crypto community on the social media platform X.
The seed fund aims to accelerate the creation and launch of its ETF. BlackRock’s $10 million seed investment signals a strong commitment to leading the spot BTC ETF market. However, Seyffart clarified that the seed fund does not indicate an imminent launch of the spot BTC ETF.
The expected launch date for the seed-funded ETF is January 3, 2024, though this remains tentative, as plans could change at any time.
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