Update (08:30AM EST) – This news story was published incorrectly and has been updated with corrections.

BlackRock and cryptocurrency firm Bitwise have submitted revised filings to the Securities and Exchange Commission (SEC) for their proposed spot Bitcoin (CRYPTO: BTC) Exchange-Traded Funds (ETFs).

What Happened: Both BlackRock and Bitwise have made amendments to their S-1 filings with the SEC, reported The Block.

Bloomberg Intelligence analyst James Seyffart commented on the flow of amendments, stating, “They’re just pouring in.” Seyffart continues, “The wheel is still turning.”

The revised filings from BlackRock now include new provisions regarding monitoring irregular price swings and compliance with anti-money laundering regulations. An audited statement from PricewaterhouseCoopers is also a part of the updated filings.

The amendments coincided with a rally in Bitcoin, with the apex cryptocurrency posting a 20.6% surge over the previous month. This price movement is fuelled by speculation that the SEC might be becoming more receptive to the concept of a spot fund.

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Why It Matters: The submission of these updated filings is a significant step in the ongoing endeavor to establish a spot Bitcoin ETF.

Price Action: At the time of writing, BTC was trading at $41,741,  up 2.26% in the last 24 hours, according to Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.