The SEC Accepts BlackRock’s Application for Bitcoin ETF
The US Securities and Exchange Commission (SEC) has accepted BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF). This marks a significant milestone for the Bitcoin-related proposal currently under review by the SEC. The application will now be published in the Federal Register, initiating a 21-day public comment period. BlackRock, the world’s largest asset manager, initially submitted the filing in June and caught the SEC’s attention, leading to an updated version that included a provision for surveillance-sharing with Coinbase. With this approval, investors will be able to invest in Bitcoin without directly holding the token, trading these assets on traditional stock markets.
Main Breakdowns:
– SEC accepts BlackRock’s application for a spot Bitcoin ETF
– Application will be published in the Federal Register, starting a 21-day public comment period
– BlackRock recently updated the application to include surveillance-sharing with Coinbase
– BlackRock is the world’s largest asset manager with over $9.4 trillion in assets
– Investors will be able to invest in Bitcoin without directly holding the token, trading on traditional stock markets
More Bitcoin ETF Filings Open for Public Comment
In addition to BlackRock’s application, the SEC has also opened the comment period for Bitcoin ETF filings submitted through the Cboe exchange. Investors, traders, and the general public are invited to provide their input on the filings made by Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF. The comment period begins on July 17, allowing individuals to submit their comments within the specified timeframe. All comments received will be publicly available on the SEC’s website.
Hot Take:
The SEC accepting BlackRock’s application for a Bitcoin ETF is a significant development for the cryptocurrency industry. This approval paves the way for more traditional investors to access and invest in Bitcoin through regulated channels. It also highlights the growing acceptance and recognition of Bitcoin as a legitimate asset class. With the public comment period now open for multiple Bitcoin ETF filings, it will be interesting to see how these applications progress and what impact they may have on the overall adoption and perception of cryptocurrencies.