Bloomberg’s ETF analyst, James Seyffart, shared that BlackRock, Grayscale, Franklin, and Fidelity have all met with the SEC in recent days to discuss the details of a Bitcoin spot ETF. The SEC’s Trading and Markets Division, as well as the Division of Corporation Finance, attended the meetings. These two divisions will determine whether the 9b-4 and S-1 applications will be approved or rejected, and when. Ark’s 21Shares Bitcoin ETF is currently the closest to the approval deadline for a Bitcoin spot ETF, and there is optimism that several Bitcoin spot ETFs will be approved before January 10th.
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Whether BlackRock can convince the SEC to allow physical creation is key
Ark’s approval deadline is January 10th, 13 companies are organizing together to watch
Bloomberg’s ETF analyst, Eric Balchunas, jokingly referred to the SEC as busier than Santa’s elves.
BlackRock’s meeting yesterday was the most notable in my opinion, as everyone is waiting to see if they can convince the SEC to allow physical creation in the first round of approvals. Balchunas mentioned that the participants in this meeting also included Rachel Aquirre, the head of iShares in the United States, with the rest being mostly lawyers. He also wondered why market makers were not invited to participate in these meetings.
(Fidelity Bitcoin spot ETF flowchart: A deeper understanding of the physical operation model the SEC is concerned about)
Ark’s 21Shares Bitcoin ETF is currently the closest to the approval deadline for a Bitcoin spot ETF. Although Ark has only had one meeting with SEC officials recently, there is still optimism that several Bitcoin spot ETFs will be approved before January 10th. In fact, Ark applied for a Bitcoin spot ETF as early as 2021.
Here is a list compiled by Chain News of various asset management companies, with approval deadlines based on shares from Bloomberg’s ETF analyst and dates from federal announcements.
SEC
Bitcoin
Bitcoin spot ETF
BlackRock
Further reading
VanEck’s Bitcoin spot ETF fifth amendment includes both physical and cash creation processes
Fidelity Bitcoin spot ETF flowchart: A deeper understanding of the SEC’s focus on physical operation models