Positive Bitcoin ETF News for BlackRock and Grayscale
In recent developments, both BlackRock and Grayscale have received positive news regarding their Bitcoin exchange-traded fund (ETF) proposals.
BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC), which clears NASDAQ trades. The trust will be listed under the ticker symbol $IBTC, a choice that may seem unremarkable but is intended to appeal to traditional investors.
Meanwhile, the US Court of Appeals has ordered the US Securities and Exchange Commission (SEC) to re-examine Grayscale’s application for a spot Bitcoin ETF. This comes after the court supported Grayscale’s claim that the SEC’s initial rejection of its application was unfair discrimination.
Bitcoin ETF Approval Expected in 2023-2024
Investors are speculating that Bitcoin ETFs could be approved between the end of 2023 and the first half of 2024. However, SEC Commissioner Hester Pierce has criticized the agency for its inefficiency in making decisions about Bitcoin and other cryptocurrencies.
Pierce hopes that the SEC will adopt a more productive approach to these assets in the future. Despite this criticism, there is growing optimism in the crypto community that regulatory approval for Bitcoin ETFs is on the horizon.
Hot Take: A Breakthrough Moment for Bitcoin ETFs
The recent developments with BlackRock and Grayscale indicate significant progress towards the approval of Bitcoin ETFs. With BlackRock’s listing on the DTCC and Grayscale’s successful appeal, it seems that traditional financial institutions are warming up to the idea of cryptocurrency investment.
This is an important milestone for Bitcoin and could pave the way for increased adoption and mainstream acceptance. As the regulatory landscape evolves, it is becoming increasingly clear that Bitcoin ETFs are not a matter of if, but when. The next few years could be transformative for the cryptocurrency market as institutional investors gain easier access to digital assets.
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