Asset managers BlackRock and Van Eck submitted amended S-1 forms to the United States Securities and Exchange Commission (SEC) on Dec. 29, the last day for SEC consideration in January 2024.

Van Eck stated in its revised application, “Financial firms that are authorized to purchase or redeem Shares with the Trust (known as “Authorized Participants” or “APs”) will deliver only cash to create Shares and will receive only cash when redeeming Shares.” This is in keeping with the preference of the SEC.

BlackRock's updated filing names Jane Street and JP Morgan Securities as "Authorized Participants" in its proposed Bitcoin spot ETF application.

Commenting on the BlackRock amendment, Bloomberg ETF analyst Eric Balchunas said, "Looks [like] we have our first horse [...] at the starting gate," possibly referring to the asset manager's chances of being granted SEC approval. 

BlackRock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan (which is kinda ironic). Looks we have our first horse that at the starting gate. pic.twitter.com/H3UmaesygJ

— Eric Balchunas (@EricBalchunas) December 29, 2023

Earlier this week, Balchunas said he expects the SEC to decide on the outstanding spot Bitcoin ETF filings by Jan. 10, 2024. If approved, trading would likely commence shortly thereafter, he said.

This is a developing story, and further information will be added as it becomes available.