BlackRock’s Bitcoin Spot ETF Receives Ticker Symbol
BlackRock’s iShares has filed a document with the SEC revealing that their Bitcoin spot ETF has obtained a ticker symbol: IBIT. This indicates that everything is almost ready for the ETF’s listing and trading on NASDAQ, pending approval from the SEC. While BlackRock may not be the first to receive approval, they are preparing to receive it alongside other applicants in January. The SEC has been forced to seriously consider approving these ETFs due to a court ruling and has decided not to appeal against it. Bitwise, a competitor of BlackRock, has also advertised its ETF on Bitcoin spot, suggesting an imminent launch on the markets once approved.
The Race for Approval and BlackRock’s Battle Against the SEC
There are approximately ten similar ETF requests awaiting approval from the SEC. The agency has been in dialogue with all applicants for months, working to ensure they have all necessary information to meet the requirements for approval. It is unlikely that these requests will be rejected given the SEC’s efforts to facilitate their approval. This race for approval reflects the growing demand for Bitcoin spot ETFs in the US market.
The Impact on Bitcoin Price
The recent correction in Bitcoin’s price may be influenced by the anticipation surrounding the approval of Bitcoin spot ETFs. After dropping below $41,000, there was a slight rebound before another drop. However, there have been signs of recovery, and Bitcoin’s price may attempt to surpass $44,000 or even reach $45,000 in the near future.
Hot Take: Approvals Imminent as BlackRock and Competitors Gear Up for Launch
With BlackRock’s iShares obtaining a ticker symbol for their Bitcoin spot ETF and competitors like Bitwise advertising their own offerings, the launch of Bitcoin spot ETFs on NASDAQ appears imminent. The SEC’s dialogue with applicants and recent court rulings suggest that approval is likely. This development could have a significant impact on Bitcoin’s price, as it reflects growing interest and accessibility for institutional and private investors. Investors should monitor the approval process closely and consider the potential implications for their investment strategies.
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