On the day of the deadline, seven out of the thirteen applicants for spot BTC ETFs submitted updated S-1s to the SEC.
Those vying to become the first spot Bitcoin exchange-traded fund (ETF) applicants left it to the last minute to turn in their final S-1 form submissions on December 29. Over the course of the day, they gradually made their way into the US Securities and Exchange Commission (SEC), with Invesco Galaxy, Bitwise, WisdomTree, and Fidelity following BlackRock, Van Eck, and Valkyrie.
In the latest disclosures, Fidelity, WisdomTree, and Invesco Galaxy disclosed the names of its authorised participants. Virtu and JPMorgan were chosen by Invesco Galaxy, while Jane Street Capital was chosen by WisdomTree and Fidelity.
Despite the SEC’s recommendation that WisdomTree convert to cash payments, WisdomTree has opted to continue creating and redeeming shares in kind.
Furthermore, competitors have begun a price war, as noted by analyst Eric Balchunas. Invesco Galaxy is waiving its charge for the first six months and the first $5 billion in assets. The cost that Fidelity set was 0.39%. Although Bitwise did not identify the authorised participants, it did mention in its most recent S-1 that an unidentified party expressed interest in buying up to $200 million worth of ETF shares.
S-1 applications for spot Bitcoin ETFs have been filed by BlackRock, Van Eck, Grayscale, Bitwise, WisdomTree, Invesco Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs, and Pando Asset.
The deadline for spot BTC ETF S-1 changes was set by the SEC on December 29. Following Barry Silbert’s retirement from the board of directors, Grayscale filed a fresh S-3 on December 27. This was the company’s most recent submission. Like Van Eck and BlackRock had done earlier in the day, Grayscale announced in the new filing that it will turn its Grayscale Bitcoin Trust into a cash-only spot ETF.
The SEC is looking into Silbert and the Digital Currency Group, of which he is the CEO and founder.