This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Asset management giant BlackRock and cryptocurrency firm Bitwise have both filed updated S-1 filings with the US Securities and Exchange Commission (SEC) for their spot Bitcoin exchange-traded fund (ETF) applications. The SEC has yet to approve a spot Bitcoin ETF and has been delaying all applications received thus far. However, Bloomberg analysts believe that the updated filings indicate ongoing negotiations between the parties involved. The SEC and the issuers are working hard to resolve any outstanding issues. The SEC requires that the cash method be preferred for ETF applications, while applicants are pushing for the in-kind method. Bloomberg analysts predict a 90% chance of Bitcoin spot ETFs being approved by January 10th. BlackRock’s updated filing includes new language regarding monitoring unusual price movements and anti-money laundering compliance. The filing also includes an audited statement from PricewaterhouseCoopers. Meanwhile, the price of Bitcoin has surged amid speculation that the SEC is preparing to approve a spot ETF. Bitcoin has seen a 20% increase in the past month, reaching over $40,000. It is currently trading just below $42,000.