Recently, the SEC has required Bitcoin spot ETF issuers to submit the final S-1 amendment by December 29th, US time, and confirm the underwriter information. Today, Ark Invest and 21Shares became the first issuers to submit the S-1 amendment before the deadline, but the details of the document did not clearly explain their underwriters.
On the 23rd of this month, Bloomberg ETF analyst Eric Balchunas commented that the approval of Bitcoin spot ETFs depends on two key factors: following the SEC’s preferred cash subscription/redemption model and confirming underwriter information. These updates must be submitted in the final S-1 amendment by December 29th, US time.
At that time, the SEC also informed that any issuer who fails to complete the changes before the deadline will not become one of the first potential approved Bitcoin spot ETFs in early January. However, 10 hours ago, Bloomberg ETF analyst James Seyffart expressed surprise on X that he had not seen any modified Bitcoin spot ETF documents.
Finally, Ark Invest and 21Shares became the first issuers to submit the S-1 amendment. However, it was originally expected that this S-1 document, which is approaching the deadline, would clearly record the underwriter information, but analyst Balchunas said:
So, is the S-1 amendment submitted by Ark Invest and 21Shares the final version? This leaves suspense.
Ark Invest clears GBTC
Yesterday (28th), analyst Balchunas pointed out that Ark Invest cleared all remaining GBTC holdings in the ARKW fund and used a large amount of funds to purchase BITO (Bitcoin futures ETF), making Ark Invest the second-largest holder of BITO.
The community was curious about this move and doubted whether Ark Invest anticipated that the Bitcoin spot ETF would not be approved, so they pre-cleared GBTC. However, according to Phyrex’s analysis, Ark Invest’s large purchase of BITO (the first long futures in the United States) means that they expect BTC to rise significantly, which reflects their optimism about the approval of Bitcoin spot ETFs. In addition, choosing to sell GBTC is because compared to holding futures, the upside potential of GBTC after the spot ETF is significantly reduced. After all, according to Coinglass data, GBTC’s negative premium rate has been reduced to less than 9%.
Several issuers are expected to submit sequentially within 1 day
Currently, a total of 13 issuers are competing to obtain approval for Bitcoin spot ETFs, so it is expected that more modified S-1 documents will be seen within one day. On the 23rd, Bloomberg analyst James Seyffart revealed that BlackRock, Hashdex, and Pando Asset have already submitted revised S-1 documents, but BlackRock has not yet confirmed its underwriter in that document, so it is expected to submit the final amendment again before the 29th.
Related reports:
GBTC discount reaches a historic low of -10%, Ark Invest reduces holdings by more than 420,000 shares this month, “getting off early”?
If the spot ETF is approved, Bitcoin will fall! CryptoQuant: BTC will retest $32,000, investors and miners take profits
Bloomberg analyst: Cash subscription for Bitcoin spot ETF will hinder more financial institutions from entering
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