The approval of spot bitcoin ETFs looks "nailed on" for January, with application updates suggesting filers have agreed to a cash-creation setup ahead of a Jan. 10 deadline, according to the latest K33 Research report.

Yesterday, BlackRock submitted an amended S-1 filing with the Securities and Exchange Commission, including a new cash redemption model that other analysts have said the SEC seems to be favoring. However, it left room for an "in-kind" process, subject to approval from regulators.

BlackRock likely wants to have an in-kind redemption model that would give the asset manager greater flexibility in managing the portfolio. However, the SEC reportedly favors a cash model that would require BlackRock to move the bitcoin out of storage, sell it right away and then give the cash …