December 5, 2023

As the deadline looms, the SEC is under pressure to accept applications for a spot bitcoin ETF.

They have accepted BlackRock’s resubmitted application, sparking speculation of a possible approval.

Upcoming Approval Deadlines

The time for the U.S. Securities and Exchange Commission (SEC) to approve or reject BlackRock’s application for a spot bitcoin exchange-traded fund has begun. BlackRock’s spot bitcoin ETF application will be published in the Federal Register and start a 21-day comment period, according to the SEC’s official calendar. The application was added to the SEC docket as part of the rule change process.

The development is an important milestone for the application being considered by the SEC. The world’s largest asset manager had submitted its initial application in June. However, the SEC rejected the filing, prompting BlackRock to amend it. The updated filing includes a “surveillance sharing” provision with Coinbase, addressing one of the SEC’s main concerns with the initial filing.

More Bitcoin ETFs in the pipeline

black stone Manages over $9.4 trillion in assets and is known for being ETF approved. As a result, the asset manager’s first application for a spot bitcoin ETF sparked a rush of other firms to do the same. If the ETF is approved, BlackRock clients will be able to invest in bitcoin without holding the token. Instead, these assets can be traded on traditional stock markets. The SEC has approved the first bitcoin futures ETF.

In addition to BlackRock’s spot bitcoin ETF application, the SEC must make decisions on other applications. These include Bitwise’s application for the Bitcoin ETP Trust, which was picked up in the Federal Register on Tuesday. Other applications under consideration include the WisdomTree Bitcoin Trust, the VanEck Bitcoin Strategy ETF, the Invesco Galaxy Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Trust.

The SEC released a public consultation paper on a bitcoin ETF last week. However, the review process officially begins when the application is incorporated into the Federal Register. The initial period for approval or denial is 45 days, but can be extended to 240 days. In addition, there can be no assurance that the SEC will approve any application submitted. However, BlackRock’s filing has sparked rather optimistic sentiment about approval. Other applications have been filed in the Federal Register, with the ARK 21Shares Bitcoin ETF listed on the Register on May 15. However, the SEC extended the approval period in June. Meanwhile, the spot bitcoin exchange-traded fund that Valkyrie applied for has not yet been listed in the Federal Register.

European Spot Bitcoin ETF

While U.S. regulators are still considering approval, Europe has made progress with its much-anticipated and long-delayed spot bitcoin exchange-traded fund due to launch later this year.The ETF was filed by the London-based multi-asset investment platform Jacobi Asset Management A listing on Euronext Amsterdam was originally scheduled for July 2022. However, the launch was postponed indefinitely due to unfavorable market conditions caused by the collapse of the Terra ecosystem and the FTX exchange.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.