BlackRock, Fidelity and Invesco want all their ducks in a row should the SEC grant approvals early in the new year.

CI Global Asset Management announced a reinvestment distribution for its cryptocurrency ETF (CI Galaxy Crypto ETF). The reinvestment distribution will not be paid in cash, but will be reinvested, and the resulting shares will be immediately merged, so the number of units held by each investor will not change.

On December 30th, James Seyffart, an ETF analyst at Bloomberg, posted on social media that Invesco US and Galaxy Digital have submitted the latest revised S-1 document for their spot Bitcoin ETF, designating JP Morgan Securities and Virtu Americas as authorized participants for the ETF's spot Bitcoin trading. The ETF will not charge agent fees (Sponsor Fee) for the first 6 months after its launch, while the ETF itself has a designated agent fee of 0.59%.

On December 30th, ETF analyst Eric Balchunas from Bloomberg stated on social media that WisdomTree has submitted a revised S-1 document for its physical Bitcoin ETF, designating Jane Street Capital as its authorized participant.

CoinGecko calculates that various ETFs and Grayscale trusts currently hold 793,034 BTC (about 34 billion US dollars), which is 3.8% of the total bitcoin issuance.

A bitcoin ETF may be approved or rejected in the first few days of the new year.

On December 23, BitMEX founder Arthur Hayes published a lengthy article on his blog, analyzing topics such as changes in Federal Reserve policy, regulated decentralized finance (Permissioned DeFi), real-world assets (RWA), and Bitcoin ETFs. Hayes believes that Bitcoin and cryptocurrencies are the best way to fight currency devaluation, comparing them to gold, the S&P 500 index, and the Nasdaq 100 index, and pointing out that Bitcoin has outperformed other risky assets since 2020.

Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority have reviewed the current policies for intermediary institutions wishing to engage in virtual asset related activities. In addition to existing cryptocurrency futures ETFs, the SFC stated that it is "prepared to accept authorization applications for other funds involved in virtual assets, including virtual asset spot trading exchange traded funds (VA spot ETFs)." In another notice released today, the SFC stipulated the requirements for funds to "directly invest in the same spot VA tokens that the Hong Kong public can trade on virtual asset trading platforms (VATPs) licensed by the SFC."

The approval window for spot Bitcoin ETFs will arrive in less than 20 days. Crypto influencer Crypto Rover has released a list of pending ETF applications and their respective details. Among the 13 spot Bitcoin ETF applications listed by Crypto Rover, 12 were submitted this year, with the latest application submitted on December 5th. Only one application was submitted before 2023, which is the Grayscale Bitcoin Trust, which was resubmitted on October 19th, 2021.<br>Crypto Rover's post shows that most proposed spot Bitcoin ETFs use Coinbase as the custodian, and 8 of the 13 have chosen the Chicago Board Options Exchange (CBOE) as the exchange to serve their purposes.

James Angel, a business professor at Georgetown University, wrote a letter to the US Securities and Exchange Commission (SEC) on Tuesday regarding all proposals received by regulatory agencies regarding spot Bitcoin ETFs. Professor Angel urged the US SEC to avoid micro-management of the creation/redemption process for spot Bitcoin ETFs. Angel stated that now, the US SEC seems to be satisfied with allowing spot Bitcoin ETFs to trade in the US, and it should not waste this positive development by forcing a suboptimal product (cash-only creation/redemption) into the market. Media reports indicate that the spot Bitcoin ETF, which should have been approved earlier, is about to be approved. Completing this work quickly and correctly will release SEC resources to complete other more important things to promote the SEC's important mission.