SEC Officially Accepts BlackRock Spot Bitcoin ETF Review Request

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BlackRock’s application to offer a spot Bitcoin exchange-traded fund (ETF) has been added to the official filing of the Securities and Exchange Commission as part of its proposed rule change process. The move, recorded late Thursday, advances the most closely watched bitcoin-related proposal at the SEC to date.

The iShares Bitcoin Trust application was filed nearly a month ago, prompting a fresh wave of optimism in the crypto market and additional filings for spot Bitcoin ETFs from a number of other players. including from companies like Invesco, Wisdom Tree, Bitwise, and Fidelity which had its previous application rejected last year along with those of other applicants.

When the SEC reported last month that BlackRock’s application was lacking, the company filed a revised application, adding a “shared surveillance” clause that would involve monitoring crypto exchange Coinbase and reporting possible activity. illegal.

Soon, Valkyrie updated its app with the same layout, as did Fidelity and ARK Invest.

A spot Bitcoin ETF would track the value of Bitcoin without requiring the asset to be held directly. It would also be tradable on a traditional exchange.

While a Bitcoin ETF based on Bitcoin futures was launched to much fanfare earlier this year, a spot ETF that is pegged to the current cryptocurrency price has been described as a “holy grail” for investors. ‘industry. The SEC’s continued resistance to approving one over the past few years has been described as a “complete and utter disaster.”

With BlackRock’s application now on the official SEC calendar, it will be published in the Federal Register and trigger a 21-day public comment period.

Meanwhile, four other applications were registered on Friday relating to the Cboe BZX Exchange, which was the first entity to apply for a Bitcoin ETF in March 2021. They include the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust and Invesco Galaxy. . Bitcoin ETF, which will also enter a three-week comment period.

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