BlackRock Spot Bitcoin ETF Gains Momentum With Second SEC Meeting in December
BlackRock, the world’s largest asset manager, is continuing to push forward with plans to launch a spot Bitcoin exchange-traded fund (ETF). In a positive sign for the potential approval of a spot Bitcoin ETF, BlackRock met with the United States Securities and Exchange Commission (SEC) for the second time this month to discuss BlackRock’s proposed Bitcoin ETF.
According to an SEC memo, the December 19 meeting included BlackRock’s Head of Digital Assets Robert Mitchnick and members of the asset manager’s ETF team. Nasdaq representatives were also present, including the exchange’s VP and Chief Regulatory Officer Joseph Cusick.
The discussion centered around Nasdaq’s proposed rule change to list and trade shares of the BlackRock iShares Bitcoin Trust. This would allow the trading of the spot Bitcoin ETF on the Nasdaq exchange, utilizing existing guidelines under Nasdaq Rule 5711(d).
Rule 5711(d) provides criteria for listing Commodity-Based Trust Shares, including compliance requirements for initial and continued listing. The proposed rule change seeks to satisfy these conditions.
The latest meeting happened on the same day of BlackRock’s amendment to its S-1 application, where the proposed iShares Bitcoin Trust ETF was assigned the ticker IBIT. The ETF was also changed to a cash-only structure, meaning new shares can only be created with cash, not actual bitcoin.
The SEC meeting marks increased momentum and persistence from BlackRock in getting approval for a spot Bitcoin ETF in the US. The asset manager originally filed for the spot Bitcoin ETF back in June, causing excitement in the crypto sector around the possibility.
As the world’s largest asset manager, BlackRock’s efforts represent a major milestone in the potential ins
