BlackRock's Revised Bitcoin ETF Filing Points To Ongoing Talks With SEC, Says Analyst

BlackRock, the American multinational investment giant, submitted an updated prospectus for a spot Bitcoin exchange-traded fund (ETF) on Wednesday. According to an ETF analyst, this move signifies a positive indication that "issuers are in talks with the SEC."

The revised filing by BlackRock includes recognition of the competition in the race for spot Bitcoin ETF approval and provides detailed explanations of reporting mechanisms and product pricing.

The amended prospectus reads, "There can be no assurance that the Trust will achieve initial market acceptance and scale due to competition."

Bloomberg Intelligence ETF analyst James Seyffart suggests that BlackRock's update is likely a response to comments made by the U.S. Securities and Exchange Commission (SEC). Seyffart also highlights that the updated prospectus confirms ongoing discussions between issuers and the financial regulator, indicating progress in the filing process.

"@BlackRock filed an updated #Bitcoin ETF prospectus early this morning which is likely their response to SEC comments like we've seen from Ark, Fidelity, and others. Just more confirmation that issuers are in talks with the SEC," Seyffart tweeted.

BlackRock, the world's largest asset manager, initially submitted its spot Bitcoin application on June 15, 2023, under the title "iShares Bitcoin Trust." In July, it refiled the application to include a surveillance-sharing agreement with its custodians Nasdaq and Coinbase.

Earlier this month, ARK Invest and 21Shares also amended their BTC ETF filing in response to SEC concerns. While BlackRock's update focused on the competitive landscape, ARK21's amended prospectus provided more detailed information about the proposed BTC ETF and custody practices.

Eric Balchunas, another Bloomberg Intelligence ETF analyst, noted that the developments in ARK 21's spot Bitcoin ETF filing were very positive, but he anticipated further interactions with the financial regulator.

Balchunas remarked, "One note tho: very poss there will be a few back and forths with SEC on these small but imp details. So I would not say approval imminent, but I would say the fact that issuers are in a 'back and forth' w SEC on this is hugely positive IMO."

As of 12:15 p.m. ET on Thursday, Bitcoin was trading at $28,781.00, with a 24-hour trading volume down by 5.31% at $12,617,054,601. This represents a 1.52% increase in the last 24 hours and a 7.8% gain over the past seven days.

Bitcoin's total circulating supply stands at 19,518,343 BTCs, with its value up by 1.59% to a $562,345,447,809 market cap, according to data from CoinMarketCap.