Cointime

Cointime

Download App
iOS & Android

Invesco Galaxy, Bitwise, WisdomTree, Fidelity join BTC ETF revision rush

Seven of the 13 applicants for spot Bitcoin ETFs filed revised S-1s with the SEC on the day of the deadline. An official decision is expected by Jan. 9, and trading should begin around Jan. 11. If a launch is approved, issuers may be notified as soon as Jan. 3.

The hopefuls in the race for a spot Bitcoinexchange-traded fund (ETF) waited until the very last minute to submit the final versions of their Form S-1 applications on Dec. 29. The filings trickled into the United States Securities and Exchange Commission (SEC) throughout the day, with Invesco Galaxy, Bitwise, WisdomTree and Fidelitycoming in after BlackRock, Van Eck and Valkyrie.

Fidelity, WisdomTree and Invesco Galaxy announced their authorized participants in the new filings. Invesco Galaxy selected Virtu and JPMorgan, while WisdomTree and Fidelity gave the honor to Jane Street Capital.

WisdomTree has chosen to maintain in-kind share creation and redemption in spite of the SEC’s urging to switch to cash.

In addition, analyst Eric Balchunas noticed that the competitors had started a bit of a price war, with Invesco Galaxy waiving its fee for the first six months and the first $5 billion in assets. Fidelity set its fee at 0.39%.

Bitwise has yet to name authorized participants, but it did note in its new S-1 that an unnamed party is interested in purchasing up to $200 million in shares of the ETF.

BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs and Pando Asset have all submitted S-1 applications for spot Bitcoin ETFs. 

Bloomberg ETF analyst Eric Balchunas expects a positive decision on Jan. 9 and trading to begin around Jan. 11. As reported by Reuters, if a launch is approved for the following week, issuers may be notified as soon as Jan. 3

Invesco Galaxy's amended S-1 of Dec. 29. Source: SEC

The SEC set Dec. 29 as the deadline for spot BTC ETF S-1 amendments. Grayscale’s last submission was a new S-3 filed on Dec. 27 after the resignation of Barry Silbert from the board of directors. In the new filing, Grayscale stated that it would convert its Grayscale Bitcoin Trust into a cash-only spot ETF, as Van Eck did earlier the same day and BlackRock did in an earlier revision.

Silbert and the Digital Currency Group, which he is the founder and CEO of, are under SEC investigation.

ETF
Comments

All Comments

Recommended for you

  • cointelegraph ·

    Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain

    She also warned that generative artificial intelligence was like the “kid that got an ‘F’ in math.”

    Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain

  • Xinjiang launches special campaign to combat illegal fundraising, with key areas including virtual currency, blockchain, etc.

    According to Chang'an Xinjiang Public Account, Xinjiang Autonomous Region and Corps have launched a joint special action to crack down on illegal fund-raising, with key areas including third-party wealth management, fake private equity, fake gold exchange and other traditional fields, as well as emerging fields such as virtual currency, blockchain, cultural tourism, film and television investment, and debt resolution services. It is reported that key cases include cases involving more than 100 million yuan and cases that have been criminally filed for more than five years.

  • A British court has postponed the final sentencing of Wen Jian, a British-Chinese national involved in the country's largest Bitcoin money laundering case, until May 24.

    On May 11th, it was reported that Jian Wen, a 42-year-old British Chinese citizen, was found guilty of "participating in arranging money laundering" in the UK's largest Bitcoin money laundering case. He could be sentenced to up to 14 years in prison. Jian Wen's defense lawyer, Mark Harries, stated that due to the judge's busy schedule, the UK court has postponed Jian Wen's final sentencing, which was originally scheduled for May 10th, to May 24th.

  • Web3 startup Star Nest completes $6 million in Pre-A round of financing

    Hong Kong Web3 music startup Star Nest announced that it has completed a $6 million Pre-A round of financing, led by Chuangqi International Limited, a wholly-owned subsidiary of Hong Kong Stock Exchange-listed company Guofu Innovation. Star Nest will collaborate with Armonia Meta Chain to develop the Star Nest SpaceStar metaverse game, which includes music, role-playing, and social features.In addition, Star Nest plans to launch its NEST project in the third quarter of 2024. Nest will receive 2.1 billion NEST tokens tailored for the project, and Star Nest will use the NEST token to build a more complete music industry token economic system. The NEST token will be widely used for purchasing performance tickets, chain game cooperation, metaverse consumption, governance voting, and other activities.

  • Over $594 million worth of PYTH is staked

    According to Dune data,  there are currently 1,201,167,362 PYTH tokens in the staked state, with a total staked value exceeding $594 million. The number of PYTH stakers has reached 151,211.

  • US Department of Justice: Tornado Cash indictment has nothing to do with "free speech"

    On May 11th, the US Department of Justice explained why the motion to dismiss the criminal case against Tornado Cash founder Roman Storm was invalid. The Department of Justice reiterated that their indictment was not related to whether the Tornado Cash computer code had freedom of speech or was protected by the First Amendment of the Constitution. The defendant was not charged for publishing computer code, but for using it to facilitate profitable illegal activities.

  • USDC circulation decreased by $100 million in the past week, with a total circulation of $33 billion

    According to official data，as of May 9th, Circle has issued approximately $2 billion USDC and redeemed approximately $2 billion USDC in the past 7 days, with a decrease in circulation of approximately $100 million. The total circulation of USDC is $33 billion, with a reserve of $33.1 billion, including approximately $3.3 billion in cash and Circle Reserve Fund holding approximately $29.8 billion.

  • SEC rejects Coinbase's request for appeals court ruling on cryptocurrency rules

    The US SEC has rejected Coinbase's request to appeal to the court to review whether traditional securities rules are applicable to cryptocurrencies. In its application, Coinbase stated that it hoped the appeals court would consider whether the Howey test, which has long been used for securities evaluation, should be applied to digital assets. However, the SEC pointed out that Coinbase has not successfully demonstrated the need for such an evaluation. The SEC stated that Coinbase is attempting to create a "new legal test," but this attempt was rejected by the court. The court found that Coinbase's arguments lacked consistency and did not successfully demonstrate the existence of decisive issues. Currently, the judge responsible for hearing the SEC's case against Coinbase will make a ruling on Coinbase's intermediate appeal motion.

  • Colombian President Suspected of Accepting $500,000 in Illegal Crypto Donations

    Colombian President Gustavo Petro is suspected of accepting over $500,000 in digital token donations from a fraudulent cryptocurrency project during his 2022 election campaign. A former contractor revealed that the illegal donation occurred during a meeting in February 2022 that discussed the advantages of cryptocurrency and the possibility of working with the government. This allegation is one of the latest charges faced by President Petro during his election campaign, with the Colombian Prosecutor's Office investigating his campaign last year.

  • Fed's Kashkari: The bar for another rate hike is high, but it cannot be ruled out

    The Federal Reserve's Kashkari expressed a cautious attitude towards restrictive monetary policy; he is adopting a wait-and-see attitude towards future monetary policy; he is in a wait-and-see state to see if inflation is stagnating; the threshold for raising interest rates again is high, but this possibility cannot be ruled out; if inflation data supports it, the Fed will maintain interest rates.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company