BlackRock Refiles Application for Bitcoin ETF
BlackRock has refiled its application for the iShares Bitcoin Trust exchange-traded fund (ETF) after the Securities and Exchange Commission (SEC) deemed the initial attempt inadequate. Nasdaq, on behalf of BlackRock, has also submitted an amended application for a Bitcoin spot ETF. In this new filing, Nasdaq has partnered with Coinbase to establish a surveillance-sharing agreement, addressing one of the SEC’s concerns. The SEC had requested more details on the surveillance-sharing agreement and the name of the crypto exchange involved. BlackRock’s proposed ETF will rely on Coinbase as its custodian and for spot market data, and Fidelity is also applying for its own Bitcoin spot ETF using Coinbase’s services. So far, the SEC has not approved any Bitcoin spot ETFs.
Key Points:
– BlackRock has refiled its application for the iShares Bitcoin Trust ETF.
– Nasdaq submitted an amended application for a Bitcoin spot ETF on behalf of BlackRock.
– Nasdaq has partnered with Coinbase to establish a surveillance-sharing agreement.
– The SEC requested more details on the surveillance-sharing agreement and the name of the crypto exchange involved.
– BlackRock’s proposed ETF will depend on Coinbase as its custodian and for spot market data.
Hot Take:
While the SEC found issues with BlackRock’s initial ETF application, the refiled application, accompanied by the surveillance-sharing agreement with Coinbase, shows progress. The SEC’s request for more details on the agreement and the involvement of a specific crypto exchange is understandable and can be seen as positive news. With other firms, such as Fidelity, also applying for Bitcoin spot ETFs using Coinbase’s services, it highlights the growing interest and effort to establish regulated crypto investment options. Although the SEC has not yet approved any Bitcoin spot ETFs, these recent developments suggest a step in the right direction.
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