BlackRock and Nasdaq Engage in Second SEC Meeting on Bitcoin ETF

BlackRock and Nasdaq Meet SEC to Discuss Bitcoin ETF

BlackRock and Nasdaq recently met with the U.S. Securities and Exchange Commission (SEC) to discuss BlackRock’s proposal to launch a spot Bitcoin exchange-traded fund (ETF). The meeting included key personnel from both BlackRock and Nasdaq, as well as Associate Directors from the SEC’s Division of Trading and Markets.

The discussion centered around Nasdaq’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d). This rule provides guidelines for listing Commodity-Based Trust Shares.

This meeting follows BlackRock’s recent amendment to its S-1 application, in which it changed the ticker symbol of its proposed iShares Bitcoin Trust to IBIT and converted it into a cash-only ETF.

BlackRock’s Bitcoin ETF Application

In June, BlackRock made headlines by filing an application for a spot Bitcoin ETF, marking the entrance of the world’s largest asset manager into the race for approval. The series of meetings between applicants and the SEC has sparked optimism that a spot Bitcoin ETF may finally be approved in January 2024.

If approved, analysts predict a significant influx of capital into the crypto market. However, some caution that capital may shift from existing Bitcoin products such as Grayscale Bitcoin Trust (GBTC), Bitcoin futures ETFs, and Bitcoin mining companies.

Hot Take: A Potential Breakthrough for Bitcoin ETFs

The recent meeting between BlackRock, Nasdaq, and the SEC signifies a potential breakthrough for the approval of a spot Bitcoin ETF. With BlackRock’s involvement and the upcoming window in January 2024 for multiple applications to be approved simultaneously, there is growing optimism in the crypto industry. Analysts predict that at least one spot Bitcoin ETF will receive approval, which could lead to a significant increase in capital flowing into the crypto market. However, there is also speculation about the potential impact on existing Bitcoin products. Overall, this development highlights the increasing acceptance and integration of cryptocurrencies within the traditional financial system.