BlackRock and other 11 Bitcoin spot ETF issuers submitted revised S-1 documents to the SEC last night, with several issuers indicating that they have injected seed funds into their Bitcoin spot ETFs. VanEck and BlackRock have respectively invested $72.5 million and $10 million in their Bitcoin spot ETFs.
(Background:
SEC Chairman Gary Gensler hints at approval of Bitcoin spot ETF: Provides 3 investment recommendations
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The approval of the first Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) has become the focus of attention. Before the deadline last night, BlackRock and other 11 Bitcoin spot ETF issuers submitted revised S-1 documents to the SEC, listing the fee structure and ticker symbols for their ETFs.
(Additional background:
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Notably, the latest revised S-1 documents show that VanEck has injected $72.5 million as seed funds into its Bitcoin spot ETF. Seed funds refer to funds provided by banks and brokerages to purchase underlying assets, such as Bitcoin, in exchange for ETF shares that can be traded on the public market on the first day of listing. Therefore, the amount is usually not large, just enough to allow the ETF to operate.
Bitwise has also injected $500,000 as seed capital into its Bitcoin spot ETF. Pantera Capital also stated that if the ETF is approved, they are interested in investing $200 million in the ETF. However, the company attached a disclaimer, stating that this only indicates interest and is not legally binding.
In addition, the revised S-1 documents submitted by BlackRock indicate that they have injected $10 million as seed capital into their Bitcoin spot ETF, while Fidelity has injected $20 million as seed capital into their Bitcoin spot ETF.
SEC releases supplementary opinions on S-1 revised documents
Another issue that has attracted attention from the community is that on the same day the above institutions submitted the S-1 revised documents, the SEC also issued supplementary opinions on the pending S-1 revised documents submitted by the applicants. Perianne, the founder and CEO of the Chamber of Digital Commerce, believes that this may be a signal to delay the decision on ETF applications.
However, Bloomberg ETF analyst James Seyffort has a different view. He expects more revised documents to be submitted the next day, but he does not believe that the SEC’s release of supplementary opinions is a signal of application delay.
(Related reports:
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