The US Securities and Exchange Commission (SEC) has taken up the application for a spot Bitcoin ETF from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.
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The SEC’s actions do not imply that the filings will be approved or rejected. Earlier, a similar process was launched for Bitwise’s filings.
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On June 15, BlackRock filed with the SEC an application for a spot Bitcoin ETF. Following the financial giant, similar requests were submitted by Valkyrie, Fidelity Investments, WisdomTree and Invesco. In the queue ARK Invest and 21Shares have priority based on filing time.
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On June 30, Wall Street Journal sources said that the Commission returned the filings because they did not contain sufficient information regarding the so-called joint surveillance agreement or details of this mechanism. The latter became a key addition to BlackRock’s filing.
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Subsequently, the aforementioned companies promptly sent revised proposals to the SEC.
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Analysts at Bernstein say the regulator will not be able to sustain its negative stance toward spot Bitcoin ETFs for long.
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Circle CEO Jeremy Allaire predicted that the recent wave of applications to launch Bitcoin ETFs would lead to approval by the SEC.