In a recent development, James Seyffart, an analyst at Bloomberg, reports that BlackRock has submitted an updated and amended S-1 for their Bitcoin exchange-traded fund (ETF). This update suggests ongoing efforts by BlackRock in navigating the regulatory landscape for the approval of their Bitcoin ETF.

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

— James Seyffart (@JSeyff) December 22, 2023

BlackRock Prepares $3 Million Seed Funding

BlackRock, alongside Hashdex and Pando Asset, has submitted revised S-1 filings, according to Bloomberg analyst James Seyffart. The asset management giant has outlined plans to allocate $10 million in seed funding for its spot Bitcoin exchange-traded fund (ETF) on January 3. While this injection of funds does not guarantee an immediate launch, it suggests that the ETF may be on track to launch in the near future.

Seeding a financial product before its launch shows confidence among applicants before its launch. Along with BlackRock, VancEck has also been working its way to seed the ETF product.

Currently, market analysts are expecting the approval of spot Bitcoin ETFs by January 10. However, Bloomberg analyst Seyffart earlier suggested that the approval could be coming as soon as next week.

On the other hand, Bitcoin whale wallets returned to accumulation earlier this week. On-chain data indicates that Bitcoin whales re-entered the market on December 20, 2023, potentially acting as a catalyst for the BTC price to reach the $44,000 level. The data reveals that 22 whale wallets initiated positions, putting an end to the consistent decline observed in the number of Bitcoin wallets holding over 100 BTC over the preceding two weeks.

Institutions Will Make A Strong Push

Top players like Bitwise Asset Management have already started with the marketing of their Bitcoin ETF products.

The advertisement showcases Jonathan Goldsmith, the actor renowned for his depiction of the “Most Interesting Man in the World”. In the brief 15-second clip, 85-year-old Goldsmith also draws attention to Bitcoin, posing the question, “You know what is interesting these days?”

Popular Bitcoin evangelist Anthony Pompliano anticipates the approval of the Bitcoin spot ETF to trigger the most extensive marketing campaign in the history of finance. He predicts that institutions will invest millions in promotional efforts specifically targeting Bitcoin.

We are about to see the largest marketing blitz in finance history when the bitcoin spot ETF gets approved. @cvpayne and I discuss this and more on today’s show. pic.twitter.com/rkpX0O13Jg

— Pomp 🌪 (@APompliano) December 22, 2023