In a significant step that expands the scope for approval of spot bitcoin (BTC) ETFs BlackRock and Bitwise filed amendments to their applications. Both companies made updates to their S-1 registration forms. These documents include detailed information about the company offering the shares or securities, as well as the shares or securities themselves.
In the case of BlackRock's application, the company noted that an undisclosed investor purchased USD 100,000 in shares on October 27, 2023 and received 4,000 shares at a price per share of USD 25. Likewise, it announced that the ETF will only interact with “known external service providers” and that have participated in “a due diligence process to ensure a thorough KYC process."
The world's largest investment fund manager also added information on compliance with anti-money laundering regulations and included an audited statement from the firm PricewaterhouseCoopers.
In the case of the Bitwise amendment, it added a report from the consulting firm KPMG in which it indicates: “the financial statements present fairly, in all material respects, the financial position of the Trust as of November 10, 2023 , in accordance with accounting principles generally accepted in the United States"
For James Seyffart, ETF specialist at Bloomberg Intelligence, these changes just mean that everything is moving forward. “Both the SEC and these issuers are working hard to fix things. These presentations are likely the result of many conversations and many hours of work on both sides."
So far there are 13 ETF applications that are awaiting a response from the SEC. The last one was delivered by the Swiss asset manager, Pando Asset, on November 29. What do you think about BTC going institutional? Surely it will increase the price but what about decentralization philosophy?
