Bitcoin ETF Applicants Face Final Deadline, Need to Submit Authorized Participant Agreements
Bitcoin ETF applicants are required to submit last-minute application changes by today to complete what could be the final hurdle for approval: the Authorized Participant Agreements, according to reports. Authorized Participants for Exchange Traded Funds (ETFs) are organizations that work with the issuer of the investment tool to create and redeem fund shares, enabling investors to cash in. After months of repeated meetings with the U.S. Securities and Exchange Commission (SEC), this now appears to be the last part of the application process. Last week, the SEC set a deadline of December 29, requiring Bitcoin ETF applicants to submit any changes to their applications. According to reports by Reuters, in recent weeks, various revisions from top contenders like BlackRock and ARK Invest led by Cathie Wood have revealed two crucial details: the SEC seems to be demanding Bitcoin ETFs follow the cash mode, meaning new funds are created with cash rather than Bitcoin, and they have signed Authorized Participant Agreements. Any applicant not submitting revisions containing these two provisions by today may be excluded from the Bitcoin ETF competition, according to Bloomberg's senior ETF analyst Eric Balchunas.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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