BTC

Amid the buzz surrounding the spot Bitcoin ETF applications, the SEC continues to maintain silence on the matter.

The submission of Form 8-A suggests that the SEC's decision is imminent, but it does not necessarily imply approval.

Key U.S. financial institutions, such as JP Morgan, Jane Street Capital, Virtu Americas and Cantor Fitzgerald, are among the authorized participants for spot Bitcoin ETF issuers.

The agency, which has rejected spot Bitcoin ETF applications in the past, is expected to approve the new set of issuers in a move that will unlock opportunities and provide access for traditional investment in the world's largest cryptocurrency asset by market capitalization, Bitcoin.

Matrixport's research created a market shakeup, causing Bitcoin to erase its gains from the previous day and trade in the red zone.

Ongoing speculation links Bitcoin's price plunge to reports hinting at the SEC's potential rejection of spot Bitcoin ETF applications.

Last week, BlackRock once again amended its S-1 form, this time naming JP Morgan and Jane Street Capital as the authorized participants.

Saylor had commenced the sale of his stock option awards, consisting of 315,000 shares, which were originally granted to him in April 2014. These stock options will expire on April 30.

More information about the SEC and the timeline of its possible announcement of spot Bitcoin ETF approvals surfaced online this week.

Interestingly, the latest SEC filing did not mention Jane Street or Virtu Financial, the market-making heavyweights that the firm had said it would work with if its Grayscale Bitcoin Trust (GBTC) received SEC approval to be converted into an ETF.

One of the possible explanations behind the sudden surge in the value of Bitcoin may be linked to the swelling hype surrounding the imminent approval of some spot Bitcoin ETF proposals of several Wall Street giants, which is anticipated to be announced by the SEC this week.

It was reported last week that the SEC may inform hopeful issuers this Tuesday or Wednesday whether they are cleared to launch their spot Bitcoin ETF.

Tether's strategic move to withdraw millions of dollars in Bitcoin has resulted in a staggering profit of $1.148 billion, recording a 68% profit margin.

The naming of the AP could be tricky, according to an ETF analyst because the SEC not only wants them identified in the documents but requires issuers to make the AP the underwriter of the spot Bitcoin ETF.

Dimon made headlines last month when he vocally criticized Bitcoin, the world's largest crypto asset by market capitalization, saying he would "close down" BTC if he was the one running the U.S. government as the crypto asset, along with other cryptocurrencies, is used by criminals.

Bitwise, one of the aspiring companies in the race, has recently submitted its updated S-1 Form, revealing its planned $200 million seed investment for its spot BTC offering.

Last week, it was reported that the SEC met with hopeful spot Bitcoin ETF issuers to iron out details of their filings and inform them of a deadline for submitting amended proposals on Dec. 29.

The latest purchase places MicroStrategy's total Bitcoin holdings at 189,150 BTC, acquired at an aggregate price of $5.895 billion, at an average price of around $31,168 per BTC.

Wood's ARK Invest is collaborating with 21Shares on Bitcoin and Ethereum Futures ETF products and its ARK 21 Shares Bitcoin ETF is among the first proposal subject to SEC's final decision on Jan. 10.

Like BlackRock and ARK, Grayscale also initially said it would use the in-kind creation and redemption model on its spot Bitcoin ETF. But as Wall Street giants ironed out details with the regulator – probably looking to be a part of the first wave of applications to be approved by the commission in the early part of January – almost all of them, surrendered.

In a Reddit thread, several users claimed to have received payments from the now-defunct Bitcoin exchange distributed via Japanese Yen-denominated refund on PayPal.

Over the past few weeks, several companies, including Blackrock and ARK, amended their S-1 registration with the SEC, to make it to the supposed first batch of approved spot Bitcoin ETF issuers.

SEC officials reportedly informed issuers that those who were not able to meet the deadline set by the commission would not be included in the "first wave" of approvals scheduled in the early part of January.

Last week, the SEC reportedly called every applicant and offered them two choices: amend their filings by including cash creation and redemption model or else wait.

This detail was first caught by Bloomberg Intelligence ETF analysts, and for Eric Balchunas, it highlights the big bump from the $100,000 BlackRock seeded to the fund in October, as well as the timeline for when the firm plans to seed it again.

Besides approving ARK's spot Bitcoin ETF, it is believed that the regulator could also give the go signal to several other applications on Jan. 10, a report said, citing a recent SEC guideline seen by "sources close to these firms."

The idea of batch approvals was first mentioned by ARK's Cathie Wood in August. She said the SEC might approve multiple BTC ETF filings simultaneously, but not within the expected deadline.

The major Wall Street regulator has reportedly instructed spot Bitcoin ETF applicants to amend their filings and use the cash creation and redemption model.

Saylor was once against Bitcoin, and in one of his previous tweets, he predicted the crypto asset would suffer the same fate as online gambling.