BlackRock Files Amended Prospectus for Spot Bitcoin ETF Application
Asset manager BlackRock has submitted an amended prospectus for its spot Bitcoin Exchange Traded Fund (ETF) application with the Securities and Exchange Commission (SEC). This comes after other applicants, including Ark Invest and Fidelity, also filed amendments this week.
In the amended prospectus, BlackRock acknowledges the intense competition in the race for a Bitcoin spot ETF approval. The company provides more details on the pricing and reporting mechanisms of the product.
BlackRock’s initial ETF application, named “iShares Bitcoin Trust,” was filed in June. According to the filing, Coinbase Custody Trust Company will act as the custodian for the fund’s bitcoin holdings, while the Bank of New York Mellon will custody its cash holdings.
Notable Amendments and Competition
BlackRock is competing against seven other applicants for the first spot Bitcoin ETF approval. One of its main competitors is Grayscale, which recently won a court case against the SEC after its application to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF was rejected. The SEC has decided not to challenge the ruling.
The amended filing by BlackRock also includes pricing details for the ETF in its financial statements. It specifies how the pricing source is determined and includes accounting specifications such as “Level 1 input according to ASC Topic 820.”
Hot Take: BlackRock Joins Intense Competition for Spot Bitcoin ETF Approval
BlackRock has joined the race for a spot Bitcoin ETF approval by submitting an amended prospectus to the SEC. With fierce competition from other applicants like Grayscale, BlackRock aims to secure the first approval. The company’s updated filing provides more information on pricing and reporting mechanisms, ensuring transparency for potential investors. As regulators continue to evaluate the applications, the crypto community eagerly awaits the decision that could pave the way for wider adoption of Bitcoin ETFs. The outcome of this competition will shape the future of cryptocurrency investment and open new doors for institutional investors.
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