Yesterday BlackRock’s iShares filed with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange traded fund (ETF) after the asset manager unveiled a private Bitcoin Trust in August last year. Numerous spot Bitcoin ETF applications by various asset managers have been rejected by the SEC. The only Bitcoin ETFs that have been approved are linked to the futures markets.
We believe that BlackRock might have done enough to address the SEC’s concerns about spot Bitcoin ETFs.
Based on previous ETF rejections, the SEC wants to see two things. Firstly, it wants the pricing to be linked to a regulated exchange, which for now would be a futures market. Secondly, it wants the futures exchange (CME) to have a surveillance sharing agreement with the ETF exchange, which is Nasdaq for the BlackRock Bitcoin ETF.
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