On January 6th, as of now, 11 Bitcoin spot ETF applicants, including BlackRock, Valkyrie, Ark Invest, Fidelity, Bitwise, Grayscale, Hashdex, Invesco, WisdomTree, Franklin Templeton, and VanEck, have all submitted revised 19b-4 documents, according to Bloomberg information.

According to Bitcoin News, documents reveal that BlackRock has chosen a primary execution agent (PEA) to handle the buying and selling of Bitcoin for its upcoming ETF. Bloomberg analyst James Seyffart suggests that the US Securities and Exchange Commission (SEC) may not accept a PEA purchasing Bitcoin in cash mode.

BlackRock introduced six major changes and cash holdings in its Bitcoin management and operation structure in the amendment to the iShares Bitcoin Trust S-1 form. BlackRock's last update introduced 21 core amendments, but the content shown in the December 18th document is much less, which may indicate the final improvements before release, and Coinbase has transitioned to Prime as the executing agent.

On December 13th, Bloomberg analyst Eric Balchunas cited regulatory memorandum documents stating that BlackRock had its third meeting with the SEC on December 11th to discuss details of its physical Bitcoin ETF. The attendees of the third meeting included Rachel Aquirre, the head of BlackRock's US iShares products, and mostly lawyers.

The US Securities and Exchange Commission (SEC) has been discussing the technical details of a possible spot Bitcoin exchange-traded fund (ETF) with well-known investment companies including BlackRock and Fidelity, indicating that the agency may soon make a decision on whether to approve such a product.

In the evolving finance landscape, combining traditional investment mechanisms with cryptocurrencies has been a keen interest and innovation topic. At the front of this progression is BlackRock, the global asset management titan renowned for its pivotal influence in financial markets. Making a bold move that underscores its growing interest in digital currencies, BlackRock made headlines with its application for an Ethereum-based exchange-traded fund (ETF), dubbed the iShares Ethereum Trust. This initiative isn’t just a significant leap for BlackRock; it also represents a critical juncture in the broader financial sector’s acceptance and integration of cryptocurrencies. Let’s check out how Blackrock Ethereum ETF plays a pivotal role in the finance industry.

BlackRock and Bitwise have submitted amended S1 forms to the SEC, indicating that they are working to address any concerns raised by the regulator. It is not clear what specific information was requested by the SEC, but analysts had predicted changes following recent meetings. BlackRock's updated filing included 21 notable amendments, covering topics such as security, risks, disclosures, and the structure of the Trust. The SEC is expected to make a decision on approving spot bitcoin ETFs by Jan 10th, with a 90% chance of approval according to Bloomberg analysts.

During Bitcoin halving years, we have seen rallies of +186% (2012), +126% (2016) and +297% (2020). At a Bitcoin price of 40,000 per coin, twenty-five thousand coins equate to $1 billion – or 250,000 Bitcoins equate to $10 billion. Compare this to the approximately 328,125 Bitcoins that were (will be) mined in 2023. A BlackRock Bitcoin ETF could scoop up 76% of all the supply from the mining community – not even considering that rewards will be cut in half from April 2024 onwards. Only 5.8 million of the 19.4 million mined Bitcoins have been moved during the last year, signaling that 70% of coins are just held for longer. 2.4 million Bitcoins appear to have been moved during the last six months, and this short-term holder supply could indeed be seen as the true free-float of the Bitcoin market.

Investment giant BlackRock has disclosed in its latest filing to the US SEC that it has secured $100,000 in "seed capital" for its proposed physically-backed bitcoin ETF. The filing states: "Seed capital investors have agreed to purchase $100,000 in shares on October 27, 2023, and deliver 4,000 shares at a price of $25 per share ('Seed Shares')." (CoinDesk)

Bloomberg ETF analyst James Seyffart wrote on X platform that BlackRock has submitted the second revised S-1 document (prospectus) for its Bitcoin spot ETF (iShares Bitcoin Trust) to the US SEC. Bitwise had also submitted a second revised S-1 document earlier.