Bitcoin ETF

Bitcoin

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/anticipation-builds-as-blackrock-moves-closer-to-bitcoin-etf-approval/" data-wpel-link="internal">Anticipation Builds as BlackRock Moves Closer to Bitcoin ETF Approval</a> 
<a href="https://en.coin-turk.com/signs-of-a-crypto-bull-market-in-2023/" data-wpel-link="internal">Cryptocurrency</a> investors eagerly awaited the ETF approval, and December 29 was a critical date with significant developments now unfolding. We were discussing the announcement of AP agreements, which would indicate a step closer to this approval. After more than 30 meetings, we now see a new detail that suggests the approval is forthcoming. 
<h2 style="text-align: justify" id="spot-bitcoin-etf-approval">Spot Bitcoin ETF Approval</h2> 
We have just seen a new file update in the BlackRock iShares Spot <a href="https://en.coin-turk.com/bitcoins-lightning-network-grows-1200-in-two-years-impressive-growth/" data-wpel-link="internal">Bitcoin</a> ETF application. The expected AP agreement detail is present. This is an agreement indicating arrangements with Authorized Participants. More importantly, it now represents the final stage for SEC ETF approval. If there are no surprise negative developments, approval could come by January 10. 
Bloomberg ETF Expert Eric Balchunas wrote; 
<blockquote> 
 “BlackRock just published its updated S-1 and names the APs: Jane Street and JPMorgan (which is somewhat ironic). It seems the first horse in the race is clear. The Authorized Participants are Jane Street Capital, LLC, JP Morgan Securities LLC” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-295904 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/Bitcoin-ETF-Son-DK.png" alt="" width="1035" height="432"> 
The ETF file update includes the following details in the Authorized Participants section; 
<blockquote> 
 “In addition to the initial purchase made by the Core Capital Investor (described above) and independently, the Trust continuously issues Shares in Basket form to Authorized Participants in exchange for cash deposits. As of the date of this prospectus, the Authorized Participants are Jane Street Capital, LLC, JP Morgan Securities LLC. These transactions will occur in exchange for cash. Subject to Regulatory Approval, these transactions may also occur in exchange for Bitcoin. Since New Shares can be continuously created and issued, a ‘distribution’ as used in the Securities Act will occur at any point during the life of the Trust. The Core Capital Investor will be considered a statutory underwriter.” 
</blockquote> 
As we have expressed many times before, only cash is allowed in ETF transactions instead of both in-kind and cash. BlackRock has completed this and has also determined the Authorized Participants. Now, other ETF applicants need to determine theirs. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/anticipation-builds-as-blackrock-moves-closer-to-bitcoin-etf-approval/" data-wpel-link="internal">Anticipation Builds as BlackRock Moves Closer to Bitcoin ETF Approval</a></h5>

Anticipation Builds as BlackRock Moves Closer to Bitcoin ETF Approval

Table of Contents

COINTURK NEWS

Other articles published on Dec 29, 2023

ATOM Coin Analysis Hints a Breakout; What’s Next for Bulls?

Scam recruiters target blockchain devs on Upwork, steal crypto with npm packages

India's FIU Targets Offshore Crypto Platforms for Non-Compliance

What is OG Fan Token?

Luiz Góes: Leading LFi into the Future of Fintech and DeFi

Is the SEC trying to pull a power move on Bitcoin ETFs?

Join our free newsletter for daily crypto updates!