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SEC filings mentioning Bitcoin soar to record highs

SEC filings mentioning Bitcoin soar to record highs

With the rising hype around the United States Securities and Exchange Commission (SEC) possibly approving the first-ever spot Bitcoin (BTC) exchange-traded fund (ETF), the regulatory filings mentioning the word ‘Bitcoin’ have also soared.

Specifically, companies have submitted 1,074 documents mentioning the decentralized finance (DeFi) asset in November, representing a record number of such filings in a single month and an increase of 35.1% from November 2022, as per data shared by The Block on December 5.

At the same time, this figure is 32.6% higher than the previous record of 810 set in May 2023, whereas it also indicates a 100% increase month-over-month from October 2023, which saw 527 regulatory filings mentioning the maiden cryptocurrency, the blockchain analytics company said.

Number of Bitcoin mentions in SEC filings. Source: The Block

However, in the words of The Block research analyst Rebecca Stevens, the October comparison is not really fair “since November is a quarterly earnings report month, so you usually see increased filings when crypto-related companies are filing their 10-Qs and 8-Ks.”

Spot Bitcoin ETF hype

According to her, the spike in the number of Bitcoin-related filings is the result of increased adoption and recognition of the crypto industry in general, as well as companies’ growing interest in the spot Bitcoin ETF hype. Indeed, as The Block’s Frank Chaparro explained:

“Almost 40 filings came from the Grayscale Bitcoin Trust, many of which were free writing prospectus’ (FWPs), which seem to be tied to public statements made by Grayscale executives ahead of a possible GBTC conversion. (…) Regardless of the specifics, it shows that the world’s largest crypto asset is showing up more in regulatory filings.”

As a reminder, Grayscale won its case against the SEC over the matter, with the US Federal Court ruling favorably on the company’s petition that the SEC must review its request to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, as Finbold reported on August 29.

Immediately after, the price of Bitcoin soared from the consolidation zone between $25,800 and $26,200 and has been growing ever since. At press time, the largest crypto asset was trading at $43,205, gaining 14.59% across the week, 23.73% over the month, and nearly 65% since the ruling.

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