BlackRock resubmits its Bitcoin ETF application to the SEC

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2023-07-04 03:45:46 ET

Days after the U.S. Securities and Exchanges Commission (SEC) ruled that previous applications for spot Bitcoin exchange-traded funds (ETFs) by BlackRock (NYSE:BLK), Fidelity and others were inadequate, BlackRock amended and resubmitted their BTC ETF application.

The amended request was refiled by the Nasdaq exchange on behalf of BlackRock after the SEC encountered problems with its first request.

Coinbase mandated as monitoring partner

In the new app, Nasdaq and cryptocurrency exchange Coinbase have agreed to enter into a surveillance sharing agreement. This was intended to address one of the SEC’s main concerns regarding previous Bitcoin spot ETF filings.

Part of the record reads as follows:

“The Spot BTC SSA is expected to be a bilateral monitoring sharing agreement between Nasdaq and Coinbase intended to complement the exchange’s market monitoring program.”

It is understood that the main objection of the SEC to the filings was that a crypto exchange for the “surveillance sharing agreement” should be included and that sufficient details of the SSA were also required.

Wait a second, it’s not as bad as the title. The key paragraph is deep in the story. Basically, the SEC wants them to name the “crypto exchange” and give more details about SSA. Understandable, probably good news. I felt like they should update that as well. pic.twitter.com/bh9qn65Xh2

— Eric Balchunas (@EricBalchunas) June 30, 2023 Fidelity to follow BlackRock after Coinbase deal

Much like the first time BlackRock was the first to request a Bitcoin spot ETF on June 15, followed by filings from WisdomTree, Invesco and finally Fidelity, BlackRock is the first to resubmit its Bitcoin ETF.

However, Coinbase has also agreed to provide watch share services to Fidelity, which means we may also see Fidelity resubmit its BTC ETF fill soon. It’s unclear whether WisdomTree and Invesco plan to refile.

All eyes are now on the SEC, which has taken a very tough stance against cryptocurrencies in recent weeks, to see if it will approve the resubmitted Bitcoin ETFs.

So far, the United States Securities and Exchange Commission (SEC) has not approved any spot Bitcoin ETFs in the United States. However, it has approved several futures-based exchange-traded funds, including the ProShares Bitcoin Futures ETF which was approved in October 2021.

In June last year, the SEC refused to grant Grayscale’s request to convert its Bitcoin Trust (OTCMKTS:GBTC) product into a spot Bitcoin ETF. Grayscale has sued the SEC and the case has yet to be determined.

The post BlackRock resubmits its Bitcoin ETF application with the SEC appeared first on Invezz.

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