In a recent development, renowned crypto analyst Crypto Rover unveiled that the investment giant Blackrock has taken a pivotal step toward approving its iShares Bitcoin Trust. The company submitted an amendment to the form S-1 on December 18, 2023, marking a crucial move in pursuing a spot Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC).

The stalemate surrounding the approval of spot Bitcoin ETFs primarily revolves around the redemption model governing these operations. Blackrock’s latest filing aimed to address this impasse by altering its form S-1. Notably, the investment manager refrained from confirming the “in-kind” redemption process, instead emphasizing the cash redemption system in the submitted filing.

However, the key question looms over whether the SEC will sanction the cash redemption model preceding or following the formal Bitcoin ETF approval. The Commission faces a looming deadline before January 10, 2024, to evaluate and potentially approve the spot Bitcoin ETF filings. Speculation suggests the SEC might greenlight multiple spot ETFs simultaneously or permit companies to launch them in staggered batches, although a singular date for their introduction remains plausible.

In contrast, WisdomTree, in its S-1 amendment filing for the spot Bitcoin ETF, has maintained flexibility by allowing in-kind creation and redemption. The filing explicitly outlined that ETF baskets will only be issued or redeemed against Bitcoin or cash allocations in the Trust’s account, ensuring corresponding balances for the creation or redemption of shares.

An influential figure in the crypto space, Crypto Busy, highlighted the significant impact of BlackRock’s Bitcoin Spot ETF news on the surging prices of Bitcoin in a recent X post. The ongoing developments linked to BlackRock’s foray into the Bitcoin ETF realm emphasize the considerable influence these reports have had on boosting the value of BTC.

Amidst the unfolding developments regarding BlackRock’s Bitcoin Spot ETF, the cryptocurrency market has witnessed a substantial surge in Bitcoin prices. The news of these advancements is a driving force behind BTC’s notable price pump.

Bitcoin and the broader cryptocurrency market continue grappling with considerable volatility. Bitcoin surged by an additional 5.5%, propelling its value past the $43,000 mark within a 24-hour and contributing over $50 billion to its market capitalization.