While it usually takes days for the agency to provide comments or feedback on the documents, the SEC evaluated the paperwork immediately and provided its feedback within hours Monday.
The Lazarus Group was involved in a third of all crypto exploits and thefts, siphoning off around $600 million in funds in 2023 alone.
Bitcoin (BTC) surged by almost 7%, reaching above $47,000 on Monday afternoon. This increase coincided with the submission of final S-1 forms to the SEC by hopeful Bitcoin ETF issuers such as BlackRock, Fidelity and Grayscale.
Bitcoin showed signs of recovery this week by surpassing the $45,000 mark for the first time in 21 months. However, it later retreated and stabilized between the $43,000 and $44,000 price range.
ARK 21 and VanEck's spot Bitcoin ETFs lead with a 0.25% fee, followed by Fidelity at 0.39%, Wisdom Tree at 0.50%, Invesco at 0.59%, Valkyrie at 0.80% and Hashdex at 0.90%.
With the final S-1 forms of some hopeful spot Bitcoin ETF issuers already submitted to the U.S. Securities and Exchange Commission (SEC), the industry now has an idea of which crypto investment vehicle will offer the lowest fee.
Aside from industry experts sharing their forecasts on the possibility of the SEC approving or rejecting spot Bitcoin ETF proposals, the crypto community is also betting on it.
Savings from the job cuts would reportedly be utilized for the firm's expansion, particularly in technology investing, as well as in alternative products, away from bonds and stocks.
VanEck announced its commitment to support the world's largest crypto asset by market capitalization and its development in the industry by donating $10,000 to Bitcoin core developers.
Ahead of the deadline for the SEC to make a decision on the spot Bitcoin ETF proposals, former SEC chair Jay Clayton said the "approval is eventually inevitable."
ETF analyst Eric Balchunas said that the agency is trying to "line up everyone" for a Thursday launch.
A leaked BlackRock plan on its spot Bitcoin ETF would destroy VanEck's estimate of the crypto investment vehicle's quarterly trading volume.
The SEC is possibly nearing the approval of spot Bitcoin ETF applications based on the latest development this week.
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.
ARK Invest purchased over 105,000 shares of Tesla while simultaneously selling off COIN shares worth over $25 million Wednesday.
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.
Titled "Why the SEC will REJECT Bitcoin Spot ETFs again," Matrixport's latest research, while acknowledging its prior forecast of Bitcoin rallying toward $50,000 by the end of January 2024, indicates that the SEC will "reject all proposals in January."
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.
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.
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.
Bankman-Fried was expected to be prosecuted on six additional charges, including unlawful political campaign contributions, conspiracy to commit bank fraud, substantive securities and commodities fraud, conspiracy to operate an unlicensed money-transmitting business and charges of conspiracy to bribe foreign officials.
This is the second time that Zhao's request to leave the United States has been denied by the court.
