BlackRock Holds 24th Meeting with SEC to Discuss Bitcoin Exchange-Traded Fund (ETF)

BlackRock Meets with SEC Representatives for Bitcoin ETF

Asset manager BlackRock recently had its 24th meeting with representatives from the U.S. Securities and Exchange Commission (SEC) regarding its application to open a spot Bitcoin exchange-traded fund (ETF). In preparation for the meeting, BlackRock made revisions to its application, including a new mechanism for redeeming shares into fiat money.

NASDAQ Stock Market Representatives Present

The meeting also included representatives from the NASDAQ stock market. The discussion focused on the proposed rule change by NASDAQ to list and trade shares of the iShares Bitcoin Trust.

Ticker Symbol Added to Application

BlackRock made a positive move by adding the ticker symbol IBIT to its application for a spot Bitcoin ETF. Bloomberg Intelligence analyst Eric Balchunas sees this as a promising sign.

Timing of ETF Approval Still Uncertain

Analyst James Seyffart does not believe that the latest meeting has changed his expectation for the timing of the first spot Bitcoin ETF approval. He predicts that the decision will be made between January 8 and 10. However, there is still uncertainty surrounding the approval timeline, despite recent statements from industry figures like Michael Novogratz.

BlackRock’s Initial Application and Delays

BlackRock submitted its initial application for a Bitcoin investment product on June 15. Since then, similar requests have been made by Valkyrie, Fidelity Investments, WisdomTree, and Invesco. The SEC has postponed its decision on several Bitcoin ETFs until January 2024.

Hot Take: BlackRock Continues Push for Bitcoin ETF Approval

Asset manager BlackRock remains committed to obtaining approval for its spot Bitcoin exchange-traded fund (ETF). The recent meeting with SEC representatives, alongside NASDAQ’s involvement, indicates ongoing efforts to address regulatory concerns and move closer to ETF approval. While the timing of the decision remains uncertain, the addition of IBIT to BlackRock’s application and the continued interest from other financial giants suggest a growing acceptance of cryptocurrency in traditional investment markets. As 2024 approaches, the crypto community eagerly awaits further updates on the potential approval of a Bitcoin ETF.