In a back-and-forth that went on longer than usual, the US Securities and Exchange Commission (SEC) once again left comments on recent updates to the forms submitted by companies requesting authorization to launch an ETF on bitcoin (BTC).
We remind you that yesterday, as reported by CriptoNoticias, 7 companies presented themselves updates to Forms S-1 and S-3 relating to the service fees that these ETFs will charge their clients.
James Seyffart, hedge fund specialist at Bloomberg Intelligence confirmed What the SEC left comments on these forms and said that new amendments should be tabled today, January 9th.
And so it is happening. At the time of this publication, Companies BlackRock, VanEck, ARK, Grayscale, Fidelity, Widsom Tree, Valkyrie, Invesco, Franklin Templeton and Bitwise submitted changes.
The forms show changes that include warnings to investors about potential liquidity problems and counterparty default risks (facts that make it clear that owning shares of a bitcoin ETF is not the same as actually owning bitcoin).
You can read, for example, in BlackRock’s ETF application:
“If the Custody Agreement, the Principal Executive Agent Agreement, an Authorized Participant Agreement or a Bitcoin Trading Counterparty Agreement is terminated or the Bitcoin Custodian, the Principal Executive Agent, an Authorized Participant or a Trading Counterparty Bitcoin Bitcoins do not provide the necessary services, the Trustee may need to find and appoint a replacement custodian, enforcement agent, authorized participant or bitcoin trading counterparty, which may pose a challenge to the Trust’s custody of bitcoins, the ability of the Trust to create and redeem Shares and the ability of the Trust to continue to operate may be adversely affected.
Extracted from the BlackRock ETF application, the SHARES® BITCOIN TRUST
Seyffart says of these amendments, “I don’t think this is necessarily a sign of delay.” And it shouldn’t be, since then The SEC has until tomorrow, January 10, 2024, to publicly rule for or against the ETF jointly proposed by the companies ARK and 21Shares. The SEC could also approve multiple requests on the same day, which would make sense to prevent one company from being favored over the others.
Seyffart expressed his surprise at this unusual event:
“It’s almost unheard of to send a document to the SEC in the morning and receive comments the same day. “If they had wanted to delay, the broadcasters would have received no comment tonight.”
James Seyffart, investment fund specialist.
While all this is happening, a day after the possible approval of spot bitcoin ETFs in the US, the price of the digital currency remains near its highest in almost 2 years. At the time of this publication, as visible in the CriptoNoticias Price Calculator, each BTC is trading at $46,560.
Updates 01/09/2024:
– 14:00 (UTC): It is reported that ARK has also submitted an amendment to its application.
– 14:27 (UTC): It is reported that Grayscale has also submitted an amendment to its application.
– 15:20 (UTC) Fidelity, Bitwise, Franklin Templeton, Valkyrie, Widsom Tree and Invesco also reportedly submitted amendments to their application.
2024-01-09 15:46:24
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