Updated documentation were filed on Tuesday by five potential issuers out of 13 that hope to introduce bitcoin (BTC) exchange-traded funds (ETFs) in the United States: BlackRock (BLK), VanEck, Invesco and Galaxy, ARK 21Shares, and Grayscale.The firms were included in the filings as potential issuers to whom the U.S. Securities and Exchange Commission (SEC) had sent comments within the previous day.Just hours after the companies filed documents outlining costs for their proposed products on Monday, CoinDesk earlier reported that the SEC provided comments to a group of potential issuers of the spot-bitcoin ETFs.
Updated on Tuesday, the petition includes language that aims to prevent a conflict of interest between the ETF’s authorized participants and lessen the harm to shareholders in the case of collapse.Reducing the price they intended to collect from 0.59% to 0.39%, Invesco and Galaxy disclosed in their amended filing.With updates to their papers coming out in less than a day after the SEC’s answers, the most recent filings demonstrate an almost unprecedented level of interaction between the agency and potential issuers.
Given that the SEC has until this Wednesday, January 10, 2024, to approve one of the petitions submitted by Ark and 21 Shares, it is widely anticipated that it will approve all of the applications this week out of a sense of justice.