US Securities and Exchange Commission officially accepts BlackRock’s bitcoin spot ETF application and initiates review process: report
The U.S. Securities and Exchange Commission (SEC) has reportedly approved BlackRock’s application for a spot bitcoin (BTC) exchange-traded fund (ETF).
According to James Seyffart, research analyst at Bloomberg, the regulator is recognizing the spot BTC ETF applications from BlackRock and other well-known financial firms and is launching a review process.
“UPDATE: There they are — the SEC just approved Bitcoin ETF filings from BlackRock, VanEck, Invesco US, Fidelity, and WisdomTree. We’re on our way to the races. Remember that ARK Invest/21Shares is already past this point. Bitwise (asset management) was yesterday.”
A spot bitcoin ETF would give investors access to the crypto asset through a brokerage firm, similar to commodities like gold.
Seyffart goes on to say that he expects the SEC to either approve or deny BlackRock’s filing by March next year. The analyst also notes that the offers from ARK Invest and 21Shares are expected to be decided in early January.
“The SEC will either agree or disagree by mid-March 2024. However, it is likely that we will know the answer officially or unofficially through the decision on Ark/21Shares’ application, which is due in early January.”
However, according to Bloomberg ETF analyst Eric Balchunas, the SEC’s recognition of the offerings is likely only procedural and dubious, changing the chances of approval.
“The clock has officially started. However, none of this changes our chances, as it is only of a procedural nature. Still, it could be considered good news for ARK that this was the case [acknowledged] in order of filing date vs. [acknowledged] all with the same date.”
Last month, the SEC said BlackRock’s offering for a BTC ETF was “unclear and incomprehensible,” although many believed the filing would appease regulators.
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check out the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney
Shutterstock: PurpleRender
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.