The SEC Considers Bitcoin ETF Proposals
JPMorgan and Bloomberg Intelligence believe that a Bitcoin ETF could be approved by the end of January 2024. The SEC Chairman, Gary Gensler, has confirmed that his team is currently reviewing 8 to 10 separate ETF proposals and engaging with the companies behind them. Investors Cathie Woods and Mike Novogratz have reported increased dialogue with the regulator following Grayscale’s court case, suggesting a change in pace.
Blackrock’s iShares Listed on DTCC
Blackrock’s iShares Bitcoin Trust, with the ticker iBTC, has been listed on the Depository Trust And Clearing Corporation’s website. Although this listing does not guarantee approval by U.S. regulators, it indicates Blackrock’s confidence in its proposed fund. Financial lawyer Scott Johnson also spotted Blackrock’s Bitcoin ETF CUSIP and an amendment to their paperwork suggesting they have started providing seed capital for the fund.
Implications of Blackrock’s Actions
The identification number assigned to equity, debt, and other securities-registered bonds, known as a CUSIP, further solidifies Blackrock’s commitment to their ETF proposal. While it is important not to read too much into these developments prematurely, if Blackrock’s ETF is approved soon, it may influence the fate of other ETF proposals in the same time period.
Hot Take: Increased Confidence for Bitcoin ETF Approval
The recent actions by Blackrock indicate growing confidence in the potential approval of a Bitcoin ETF. The listing of iShares on DTCC and Blackrock’s provision of seed capital suggest they believe their proposal has a good chance of success. If approved, this could pave the way for other ETF proposals to gain regulatory approval as well. The increased dialogue between investors and the SEC, combined with these developments, indicates a shift in attitude towards Bitcoin ETFs. It remains to be seen how the SEC will ultimately decide on these proposals, but the signs are promising for the future of cryptocurrency ETFs.
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