Bitcoin: The state of BTC ETFs as the race for approval continues

• BlackRock made new changes to its S1 filings as interest in BTC ETFs increased.
• BTC ETFs began receiving the approval of Hong Kong regulatory bodies.

Bitcoin [BTC] has been in the spotlight over the last month due to its recent surge in price. Many have claimed that the surge in price can be attributed to institutional interest in ETFs.

Interest in ETFs on the rise

In a recent development, it was seen that revised S-1 filings were submitted by BlackRock, Hashdex, and Pando Asset, according to Bloomberg analyst James Seyffart.

For context, S-1 filings are like paperwork a company gives to the government before it can sell shares to the public. It’s part of the process when a company decides to go public with a certain asset.

In this paperwork, called an S-1 registration statement, the company shares important details about itself or the asset its about to sell.

The company also talks about any risks it might face and how it plans to use the money from selling its shares. Investors and the government use this info to decide if it’s a good idea for the company to sell shares to the public.

Once the government gives the green light, the company can start selling shares on the stock market.

BlackRock plans to provide $10 million in seed funding for its spot Bitcoin ETF on 3rd January. While this doesn’t guarantee an immediate launch, it suggests that the ETF could be introduced in the near future.

UPDATE: @BlackRock already submitted an updated/amended S-1 for their #bitcoin ETF. pic.twitter.com/sVAL9qVmiy

— James Seyffart (@JSeyff) December 22, 2023

The BTC ETF interest has spread across other parts of the world too.

Hong Kong plays along

The Hong Kong Securities and Futures Commission (SFC) announced its readiness to receive applications for authorizing various funds that involve virtual assets, such as Crypto spot ETFs.

The Hong Kong Stock Exchange has expressed its approval of this announcement by the SFC, marking Hong Kong as the inaugural market in Asia to permit the listing of virtual asset spot ETFs.

This move enhances Hong Kong’s standing as the foremost digital asset hub in the region.

Read Bitcoin’s [BTC] Price Prediction 2023-24

At press time BTC was trading at $44,107.91 and over the last 24 hours prices rose by 1.01%. The volume at which BTC was trading also grew during this period.

Coupled with that, the daily active addresses on the BTC network witnessed a spike as well.