Bitcoin ETF contenders have until today to file last-minute changes to their applications and clear what may be the final hurdle for approval: authorized participant agreements. 

The authorized participant for an exchange-traded fund (ETF) is the organization that works with the issuer of the investment vehicle to create and redeem shares of a fund so that an investor can cash out. 

And after months of back and forth meetings between asset fund managers and the SEC, this now appears to be the final part of the application process.

The SEC last week set a deadline of December 29 for Bitcoin ETF contenders to file any changes to their applications, according to Reuters. Among the various amendments filed in recent weeks from top contenders like BlackRock and Cathie Wood’s ARK Invest, two key details have emerged: the SEC appears to be requiring that Bitcoin ETFs follow a cash model, meaning new funds are created with cash and not Bitcoin, and that they have authorized participant agreements in place.

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Author: Mathew Di Salvo

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