Bitcoin spot ETF expected to receive SEC approval next week, issuers may be notified on Tuesday

The review of Bitcoin spot ETF applications is about to enter a critical stage. The U.S. Securities and Exchange Commission (SEC) requires 13 issuers to update their S-1 application documents to provide details of authorized underwriters (AP), and requires submission by the end of this year. This move means that the SEC's review of the application is further intensified.

According to Reuters, BlackRock, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco, Fidelity, WisdomTree Investments and the Ark/21Shares joint venture have all submitted new amendment application documents to the SEC. These documents detail the arrangements they have with market makers to ensure trading liquidity and validity. These companies are committed to providing a better trading environment to meet the needs of investors. Their efforts demonstrate the importance they place on the development and regulatory compliance of the cryptocurrency market.

It is understood that people familiar with the filing process said that issuers that submit revised application documents by the end of this year are expected to launch ETFs before January 10 next year, because the SEC will approve or reject Ark before that date /21SharesETF application.

The SEC is likely to notify issuers as soon as possible that they have been approved to issue a Bitcoin spot ETF next week, these sources said.

Many issuers have announced authorized underwriter information

Many issuers have announced AP information in revised S-1 documents submitted to the SEC:

贝博BlackRock: Designates Jane Street Capital and JP Morgan as its APs, and has previously confirmed its adoption of a pure cash redemption model.

Fidelity: JaneStreet is designated as its AP, with a total expense ratio as low as 0.39%, currently the lowest among all issuers.

Valkyrie: Designate Jane Street and Cantor Fitzgerald as APs. The total expense rate is set to 0.8%

WisdomTree: Jane Street is also designated as its AP.

Franklin Templeton: Its AP is not clearly specified. The document only states that the list of APs can be obtained from the administrator or handler.

Invesco/Galaxy: Designate Virtu and JP Morgan as AP. Fees will be waived for the first 6 months.

VanEck: Confirmed the adoption of cash redemption mode, but did not specify detailed AP information.

Bitwise: AP information has not been announced, and the fee ratio has not been disclosed. It was revealed that someone invested US$200 million in BITB.

In the S-1 amended form submitted by BlackRock designated Jane Street Capital and JPMorgan Chase for its AP

Ark/21Shares, there is no Clearly disclosing 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.

As for Grayscale, which is committed to converting the Bitcoin Trust Fund (GBTC) into a Bitcoin spot ETF, it designated its APs as Jane Street and Virtu as early as 2017.

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