BlackRock’s Meetings with the SEC
In a recent update, it has been revealed that BlackRock and three other issuers have had meetings with the Securities and Exchange Commission (SEC) regarding the approval of Spot Bitcoin ETFs. This development has sparked optimism that these funds may be approved in January.
Bloomberg analyst James Seyffart shared on his X platform that this was the third meeting between BlackRock and the SEC in as many weeks. The previous meetings focused on BlackRock’s in-kind model, but it is unclear if this was the main topic of discussion in the recent meeting.
Fidelity, Grayscale, and Franklin also had meetings with the SEC recently. Grayscale’s meeting marks their second interaction with the regulator.
Significance of the Meetings for Bitcoin Spot ETFs
The presence of both the Division of Trading & Markets and the Division of Corporate Finance at these meetings suggests that these divisions will play a crucial role in deciding whether Spot Bitcoin ETFs will launch or not. This indicates progress being made by both the SEC and the issuers.
According to Seyffart and his colleague Eric Balchunas, there is a 90% chance of a Spot BTC ETF getting approved in January. While Seyffart confirmed this prediction, he mentioned that it pertains to 19b-4 approvals and is uncertain when they will be listed.
Before these funds can launch, they still need approval from the Division of Corporate Finance for their S-1 filings.
Hot Take: Potential Approval Timeline
There is speculation that the second approval from the Division of Corporate Finance could come soon after the first approval from the Division of Trading & Markets. Attorney Scott Johnsson believes that if the SEC intended to delay the process, they would have held the S-1 filings until the 19b-4 approvals were granted. However, with the involvement of the Division of Corporate Finance at an early stage, it is unlikely that there will be a significant delay.
By
By
By
By
By