As more firms throw their hats into the race for the first Bitcoin spot exchange-traded fund (ETF) approval in the U.S., recent filings show how applicants are revising models to align with SEC feedback. BlackRock is the latest firm to overhaul its proposed Bitcoin ETF structure.
Key Points:
- BlackRock modified its proposed Bitcoin spot ETF application to address SEC concerns around broker-dealer regulations and balance sheet risks
- The changes involve an offshore platform prepaying the registered broker-dealer in cash before receiving bitcoin from Coinbase custody
- Swiss asset manager Pando Asset entered the Bitcoin spot ETF race, filing an application with the SEC using Coinbase custody
- Bloomberg predicts the SEC could approve all spot Bitcoin ETF applications at once on January 10th
- The SEC met with BlackRock recently to provide feedback that prompted the revisions to its application
Following a November 28th meeting…
