According to public regulatory documents, Invesco and Galaxy have submitted the third revised Bitcoin spot ETF prospectus (S-1 document) to the U.S. SEC. Bloomberg ETF analyst Eric Balchunas said that according to the just-updated S-1, Invesco committed to using only cash to create the ETF. There are considerable clues that the SEC will only approve ETFs created using cash in the first round (this is what we have heard privately as well). Still, many are waiting to see if BlackRock can convince the SEC to change its stance on physically created ETFs.