BlackRock's Latest Filing Signals Continued Push for Spot Bitcoin ETF Approval

BlackRock, the asset management giant, submitted an amended S-1 filing with the Securities and Exchange Commission (SEC) for its proposed spot bitcoin exchange-traded fund (ETF) on Monday. A similar move was also made by Bitwise. While the SEC has yet to approve any spot bitcoin fund and has consistently delayed applications received, analysts believe that these recent filings indicate ongoing discussions.

Bloomberg Intelligence analyst James Seyffart observed the flurry of activity, stating, "They're just pouring in. We have another spot #Bitcoin ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions." Seyffart suggested that these filings are a result of extensive conversations and efforts on both sides, indicating ongoing collaboration between the SEC and issuers.

The updated BlackRock filing introduced new language outlining the trust administrator's efforts to monitor unusual price movements. Additionally, it incorporated language addressing anti-money laundering compliance and featured an audited statement from PricewaterhouseCoopers.

The filing specified, "The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants, Market Makers, Prime Broker, and Bitcoin Custodian."

Bitcoin's recent surge is fueled by speculation that the SEC may be moving closer to approving a spot fund. Over the past month, the world's largest cryptocurrency by market capitalization has experienced a 20.6% increase and is currently trading just below $42,000.