The U.S. Securities and Exchange Commission (SEC) is reportedly acknowledging BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF).
According to Bloomberg research analyst James Seyffart, the regulatory body is recognize the mock BTC ETF applications from BlackRock and other leading financial firms, triggering a review process.
“UPDATE: There they are – SEC has just recognized Bitcoin ETF filings for BlackRock, VanEck, Invesco US, Fidelity, and WisdomTree. We go to the races. Please note that ARK Invest/21Shares has already passed this point. Bitwise (Asset Management) was yesterday.”
A spot Bitcoin ETF would give investors exposure to the crypto assets through a brokerage firm, much like commodities like gold.
Seyffart continues participation that he believes the SEC will approve or deny BlackRock’s request by March next year. The analyst also notes that the bids from ARK Invest and 21Shares are likely to be decided in early January.
“SEC will approve or deny mid-March 2024. Though it’s likely we’ll know the answer officially or unofficially through the decision for Ark/21Shares’ filing due early January.”
According to Bloomberg ETF analyst Eric Balchunas, however, the SEC acknowledge the offers are probably just procedural and questionable to alter the likelihood of them being approved.
“The clock has officially started. Although none of this changes our chances as it’s just procedural. That said, though, it could be considered good news for ARK that it did [acknowledged] in order of filing date vs. [acknowledged] all with the same date.”
Last month, the SEC said BlackRock’s bid for a BTC ETF was “unclear and incomprehensible,” despite many believing the filing would appease the regulatory body.
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