BlackRock has filed a revised S-1 with the Securities and Exchange Commission (SEC) for its spot Bitcoin ETF. Bitwise has also taken similar action.
These filings indicate ongoing discussions between the SEC and ETF issuers to address regulatory concerns.
The SEC favors the cash method, which is the use of spot Bitcoin ETFs similar to futures transactions, as the preferred method for accepting applications. At the same time, applicants support and insist on an in-kind method in which Bitcoin would be held directly. The SEC also emphasizes points like anti-money laundering compliance.
The SEC has yet to approve a spot Bitcoin ETF and has repeatedly postponed the review of all applications received. However, analysts believe that the filing of updated documents is a positive sign and indicates that the acceptance of spot Bitcoin ETFs is close, CoinGape reported.
"The wheel is still turning. Both the SEC and the issuers are working hard to get things in order. These documents are likely the result of a lot of negotiation and a lot of man-hours on both sides," said James Seyffarth, an analyst at Bloomberg Intelligence.
However, Bloomberg analysts believe that with a 90% probability of approval of a spot Bitcoin ETF, it will happen before January 10. Also, recent events and delays only support the theory that spot Bitcoin ETF decisions will be made by the SEC on all applicants at the same time.
News that the SEC may approve a spot Bitcoin ETF in the near future has fueled increased speculation in the cryptocurrency market and consequently led to the rise of BTC.
The world's largest cryptocurrency by market capitalization has risen and is currently trading at $41,488.72.
Read more: Institutional investors are accumulating BTC.