BlackRock, Bitwise file updated spot bitcoin ETF applications with the SEC

Asset management giant BlackRock filed an amended S-1 filing with the Securities and Exchange Commission for its proposed spot bitcoin ETF on Monday, with a similar move also taken by Bitwise. 

While the regulator has yet to approve a spot bitcoin fund and has so far delayed all the applications it's received, analysts said the movements could signal that discussions are ongoing. 

"They're just pouring in," Bloomberg Intelligence analyst James Seyffart wrote on X . "We have another spot #Bitcoin BTC +4.98% ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions."

"The wheel is still turning," Seyffart continued. "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 on/between both sides."

Updated language

The updated BlackRock filing included new language about efforts the trust administrator will take to monitor for unusual price movements. It also added language about anti-money laundering compliance and included an audited statement from PricewaterhouseCoopers.

"The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants, Market Makers, Prime Broker and Bitcoin Custodian," the updated filing read.

Bitcoin has surged amid speculation that the SEC could be getting ready to finally approve a spot fund. The world's largest cryptocurrency by market capitalization has surged 20.6% over the past month and is currently trading just under $42,000.