The Latest Breaking News from Eric Balchunas

Matrixport's research created a market shakeup, causing Bitcoin to erase its gains from the previous day and trade in the red zone.

Last week, BlackRock once again amended its S-1 form, this time naming JP Morgan and Jane Street Capital as the authorized participants.

The coin reached its highest level since last April on Tuesday.

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.

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.

Bitwise, one of the aspiring companies in the race, has recently submitted its updated S-1 Form, revealing its planned $200 million seed investment for its spot BTC offering.

Last week, it was reported that the SEC met with hopeful spot Bitcoin ETF issuers to iron out details of their filings and inform them of a deadline for submitting amended proposals on Dec. 29.

Cathie Wood and her ARK Invest firm unloaded all of their GBTC holdings and purchased $92 million of this bitcoin ETF instead.

Half of the proceeds from ARK Invest's GBTC sale, approximately worth $100 million, were used to purchase the BITO Bitcoin Futures ETF.

Like BlackRock and ARK, Grayscale also initially said it would use the in-kind creation and redemption model on its spot Bitcoin ETF. But as Wall Street giants ironed out details with the regulator – probably looking to be a part of the first wave of applications to be approved by…

Over the past few weeks, several companies, including Blackrock and ARK, amended their S-1 registration with the SEC, to make it to the supposed first batch of approved spot Bitcoin ETF issuers.