The US Securities and Exchange Commission (SEC) has set a deadline of December 29, 2023 for the final amendments to the applications for Bitcoin exchange-traded funds (ETFs). According to a Reuters report, multiple companies, including BlackRock, Grayscale Investments, ARK Investments and 21 Shares, have received this notice from the SEC.
The SEC has been pushing for cash creation and redemption models for the spot Bitcoin ETF. BlackRock and ARK Invest/21 Shares have already filed changes to reflect this. Other aspects that could be included in the final filings include fees and the amount of the “seed”, which BlackRock is likely to increase to $10 million by January 3.
The SEC is expected to make a final decision on the Ark Invest/21 Shares Bitcoin ETF proposal on January 10, 2024. The crypto market has become increasingly bullish on the possibility of multiple spot Bitcoin ETFs being approved at once.
Bitcoin (BTC) price is currently hovering above $43k and could rally to a new all-time high on the ETF approval and other bullish catalysts such as the upcoming halving and the macroeconomic environment. Analysts predict that BTC could reach highs of $120 or more in 2024.
