Bitcoin ETF Updates Due Dec. 29.

(CTN News) – Applicants seeking to secure a position in a Bitcoin exchange-traded fund (ETF) are facing a tight deadline to complete their filings.

The United States Securities and Exchange Commission (SEC) has set a Dec. 29 deadline for spot Bitcoin ETF applicants to submit their final S-1 amendments.

This information was reported by Reuters, which cited public memos and sources familiar with the discussions. On Dec. 21, SEC officials met with representatives from several firms, including BlackRock, Grayscale Investments, ARK Invest, and 21 Shares, who are looking to launch spot Bitcoin ETFs in early 2024.

The meetings also involved representatives from exchanges such as Nasdaq and the Chicago Board Options Exchange, as well as legal professionals and issuers.

Regulators have informed attendees at meetings that issuers who fail to meet the December 29 deadline will not be considered for the initial round of potential spots Bitcoin ETF approvals in early January.

According to Fox Business journalist Eleanor Terrett, all S-1s must be amended by December 29. The SEC has stated that applications fully completed and submitted by Friday will be considered in the first wave, but filings mentioning in-kind creation will be rejected.

To comply with the requirements, spot ETF filters are rushing to update their S-1 filings by replacing in-kind redemptions with the cash redemption model. The SEC is also requesting that Bitcoin ETF filers disclose the authorized participants in their filings.

Bloomberg ETF analyst Eric Balchunas believes that the AP agreement and cash redemption will be the final obstacles to overcome for spot Bitcoin ETF approval.

As of December 22, none of the filers had finalized the AP agreement, while seven firms had switched to the cash redemption model.

Bloomberg analysts remain confident that the Securities and Exchange Commission (SEC) will approve the initial spot Bitcoin ETFs by January 10, despite various companies making last-minute adjustments to their filings.

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