BlackRock’s Proposed Bitcoin ETF Receives Ticker Symbol
BlackRock’s proposed spot bitcoin exchange-traded fund (ETF) has been given the ticker symbol IBIT, according to an amended S-1 filing with the Securities and Exchange Commission (SEC). This development comes as BlackRock continues discussions with SEC officials regarding the creation and redemption mechanism for the fund.
The filing states that the ETF will issue and redeem Baskets continuously, with transactions occurring in cash. However, it also mentions the possibility of exchanges involving bitcoin, subject to regulatory approval.
Other Firms Also File Amended S-1 Filings
In addition to BlackRock, Ark 21Shares and WisdomTree have also submitted amended S-1 filings with the SEC for their proposed spot bitcoin funds. Despite no approvals yet from the regulator, optimism is growing within the market that a decision may be imminent.
About the Author
Sarah, a reporter at The Block, specializes in covering policy, regulation, and legal developments. She has previous experience reporting on securities regulation and has written for various finance-related publications. Sarah is based in Washington D.C. and can be followed on Twitter @ForTheWynn.
Hot Take: Bitcoin ETFs on the Horizon?
The recent ticker symbol assignment to BlackRock’s proposed bitcoin ETF suggests progress in its regulatory journey. With other firms also filing amended S-1 documents for their own spot bitcoin funds, there is growing anticipation within the market for potential approval by the SEC. If these ETFs are given the green light, it could signify a significant milestone for mainstream adoption of cryptocurrencies. Investors would gain easier access to bitcoin through regulated investment vehicles like ETFs, potentially driving further growth in the crypto market. All eyes are now on the SEC as the crypto community awaits its decision.
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