BlackRock has held yet another meeting with the SEC to discuss its Spot Bitcoin ETF. There have been 24 total meetings now between the Securities and Exchange Commission and Spot Bitcoin ETF application filers, and the fifth for BlackRock.
Once again, the latest BlackRock-SEC meeting had conversations surrounding the “iShares Bioin Trust under NASDAQ Rules 57119(d).” SEC Chair Gary Gensler was present for the last meeting between the regulator and issuer but was absent for this one. This is the third meeting in seven business days between BlackRock and the SEC, perhaps indicating progress in talks. Gensler’s recent comments on reassessing Bitcoin ETFs only add fuel to that fire.
For much of the last few months, the potential approval of a Spot Bitcoin ETF has dominated the news cycle. With more than a dozen applications currently filed, anticipation is high that we could see the investment product come to fruition early next year.
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On Tuesday BlackRock submitted a new amendment to its S1 filing with the SEC regarding its Bitcoin ETF application. The amendment says that the asset management firm will use a cash-only approach for its ETF, and only accept cash and purchase Bitcoin to create shares.
The US SEC has postponed all its 2023 deadlines for its decision on a spot BTC ETF. If any are improved in the new year, the entire cryptocurrency market can see a huge rally, led by the top crypto asset Bitcoin of course.