29 Dec is the deadline for Bitcoin spot ETF applicants to update filing, what does it mean?

The US SEC body gave the deadline for the Bitcoin spot ETF applicants to update their application with the SEC body if they want approval.

Bitcoin spot ETF is a centralised financial product which allows people/institutions to invest in Bitcoin in any amount on behalf of the ETF issuer. So far a dozen of Bitcoin spot ETF applications are in queue to get approval from the United States Securities and Exchange Commission (SEC).

Recently Reuters published a report on behalf of published memos & information provided by two insiders related to the Bitcoin spot ETF applications development with the US SEC..

The report confirmed that at least 7 executives from the fund managers who filed for Bitcoin spot ETF applications met with the SEC officials. 

Insider confirmed that executives were from BlackRock (BLK.N), Grayscale Investments, as well as ARK Investments, 21 Shares, and also some of them were from other firms. 

Through the meeting, the SEC body set 29 December as the last date for these applicants to introduce the changes in their applications on behalf of the SEC’s demand. 

If any applicant fails to update their filing as per the requirement of the SEC body, then they will fail to secure approval from the SEC agency in the initial phase. 

According to the majority of the ETF experts, the SEC body will give its decision on these applications by 10 Jan 2023 but probably multiple Bitcoin Spot ETF will get approval in the initial phase.

In the past couple of years, the SEC body rejected every Bitcoin spot ETF application but this year the whole situation changed, as a popular digital assets fund manager sued the SEC body for rejecting Bitcoin spot ETF application. 

The court judge ruled that the SEC’s decision to reject Grayscale’s Bitcoin spot ETF application was a blind decision and also ordered to again review the application.

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