Source: Pixabay / xresch
BlackRock and Bitwise have recently updated their filings for spot Bitcoin exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC). These frequent amendments may signal pivotal progress.
In its most recent updated submission, BlackRock, the asset management giant, filed an amended S-1 filing with the SEC for its proposed spot Bitcoin ETF. This move reflects BlackRock’s ongoing commitment to launching a Bitcoin ETF, a monumental product that has seen heightened interest from investors and the broader financial community.
Similarly, Bitwise, another major player in the digital asset management space, has also filed an amended application for its Bitcoin ETF just before BlackRock did. This update aligns with Bitwise’s strategic efforts to introduce a bitcoin ETF to the market, catering to the growing demand among investors for listed crypto investment options.
Bitcoin ETF Filings: “They’re Just Pouring In”
“They’re just pouring in,” said Bloomberg Intelligence ETF analyst James Seyffart. “What does this mean? Without having read them — it just means that the wheel is still turning.”
Leading financial establishments like BlackRock and Grayscale have been meeting with the SEC regarding their Bitcoin ETF filings. On Nov.28, the SEC officials met with BlackRock and the Nasdaq, as indicated by a memorandum. According to the memo’s note, BlackRock revised its In-Kind model design to address to the SEC’s concerns and “unresolved” questions regarding the model.
“Both the SEC and these issuers are working hard to iron things out,” said Seyffart. “These filings are likely the result of many conversations and a lot of man hours on/between both sides.”
Bitcoin Price Hit $42,000
Bitcoin is currently trading at around $41,870, marking a 13% up from a week ago, according to CoinMarketCap. Bitcoin price broke the $42,000 benchmark on Dec. 4 and was up 6.6% within 24 hours. The surge represented a recovery to levels last achieved before the Terra crash back in May 2022. Bitcoin reached an all-time high price of $67,566.83 in Nov 2021, based on the data of Statista.
digital gold #bitcoin will surely flip physical gold sooner or later; and probably this halving cycle. so within a year or two. currently it’d take $700k/BTC but it maybe partially a substitute (some people start selling gold to buy #bitcoin crossing the market caps below that).
— Adam Back (@adam3us) December 4, 2023
According to Blockstream CEO Adam Back, Bitcoin could hit a shocking $700,000 within two years. “Digital gold #bitcoin will surely flip physical gold sooner or later; and probably this halving cycle,” said Back.
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