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BlackRock and Bitwise Update Bitcoin ETF Filings with SEC

BlackRock and Bitwise have recently submitted updated filings for spot Bitcoin exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). The frequency of these amendments suggests significant developments in the pursuit of launching these ETFs.

In its latest revision, BlackRock, a leading asset management giant, submitted an amended S-1 filing to the SEC for its proposed spot Bitcoin ETF. This ongoing effort underscores BlackRock’s commitment to bringing a Bitcoin ETF to the market, a product that has generated substantial interest from investors and the wider financial community.

Likewise, Bitwise, a prominent player in digital asset management, has also amended its application for a Bitcoin ETF shortly before BlackRock’s update. This aligns with Bitwise’s strategic initiatives to introduce a Bitcoin ETF, meeting the rising demand among investors for accessible crypto investment options.

Bitcoin ETF Filings: “They’re Just Pouring In”

Bloomberg Intelligence ETF analyst James Seyffart noted, “They’re just pouring in. What does this mean? Without having read them — it just means that the wheel is still turning.”

Major financial institutions like BlackRock and Grayscale have been engaging with the SEC in discussions related to their Bitcoin ETF filings. On November 28, there was a meeting between SEC officials, BlackRock, and Nasdaq, as indicated by a memorandum. The memo highlights that BlackRock made adjustments to its In-Kind model design to address the SEC’s concerns and “unresolved” questions regarding the model.

Seyffart commented, “Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man-hours between both sides.” The continued flow of filings suggests an ongoing and active dialogue between regulatory bodies and issuers as they strive to navigate the complexities of Bitcoin ETF proposals.

Bitcoin Price Hit $42,000

Bitcoin is presently trading at approximately $41,870, showing a 13% increase from a week ago, as reported by CoinMarketCap. On December 4, the price of Bitcoin surpassed the $42,000 milestone and experienced a 6.6% surge within a 24-hour period. This surge marked a recovery to levels not seen since the Terra crash in May 2022. It’s worth noting that Bitcoin had reached an all-time high price of $67,566.83 in November 2021, according to Statista data.

Blockstream CEO Adam Back has made a bold prediction, suggesting that Bitcoin could reach an astonishing $700,000 within the next two years. Back expressed confidence in Bitcoin as “digital gold” eventually surpassing physical gold, possibly during the current halving cycle.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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