Franklin Templeton, Invesco Galaxy, ARK 21Shares File S-1 Updates for Bitcoin ETF

1 year ago 12

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Asset managers ARK Invest and 21Shares, Franklin Templeton Digital Holdings, and Invesco Galaxy Bitcoin ETF, following BlackRock and VanEck’s steps, have recently filed updated S-1 forms with the United States Securities and Exchange Commission (SEC). This move comes as a crucial step in their pursuit of launching spot Bitcoin exchange-traded funds (ETFs).

These filings mark a significant moment in the cryptocurrency investment landscape, signaling a growing interest in offering more traditional investment vehicles for digital assets.

Last-Minute Filings Signal Market Readiness

The recent surge in S-1 filings, including those by Grayscale Investments updating its S-3 form, underscores the asset managers’ readiness to tap into the burgeoning cryptocurrency market.

The flurry of activity, especially the updates filed just a day before the anticipated approval date of January 10, indicates a robust preparedness among these financial giants. Moreover, these amendments, prompted by last-minute comments from the SEC, demonstrate a keen interest in adhering to regulatory standards while advancing the integration of cryptocurrencies into mainstream financial products.

Implications of the SEC’s Additional Comments

While some industry observers view the SEC’s additional comments as a potential delay signal, ETF analysts like Eric Balchunas and Bloomberg’s James Seyffart suggest otherwise.

According to them, the rapid response in filing and refiling, all within a concise time frame, shows a concerted effort to progress these initiatives. Consequently, the market anticipates more amendments, indicating that these developments are not necessarily indicative of a delay but rather a part of the standard procedural process in the financial sector.

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