Bitcoin ETF

Bitcoin

Gary

<p class="is-style-lead">BlackRock&nbsp;has made structural changes&nbsp;to its application to launch a spot Bitcoin ETF in the U.S.</p> 
<p>According to <a href="https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-303319-781202.pdf" target="_blank" rel="noopener">the updated filing</a>, Wall Street banks can now create new shares in the fund based on fiat, not just cryptocurrencies. To do this, they need to obtain the status of an authorized participant (AP).</p> 
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 <img loading="lazy" decoding="async" width="1024" height="453" src="https://crypto.news/app/uploads/2023/12/Screenshot-2023-12-13-at-10.10.25-1024x453.png" alt="BlackRock revises spot Bitcoin ETF application after meeting with SEC - 21" class="wp-image-14226874">
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  Source: <a href="https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-303319-781202.pdf" target="_blank" rel="noopener">BlackRock ETF filing</a>
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<p>The changes open the way to ETFs for regulated U.S. banks that cannot hold cryptocurrency. They will be able to interact with the BlackRock Bitcoin fund as an AP.</p> 
<p>Fiat shares of the fund can be exchanged for bitcoins through an intermediary. In this case, the cryptocurrency will be stored with the ETF custodial provider.</p> 
<p> You might also like: <a href="https://crypto.news/blackrock-and-bitwise-amended-applications-for-spot-bitcoin-etf-yet-again/"> BlackRock and Bitwise amended applications for spot Bitcoin ETF yet again </a> </p> 
<p>Presumably, the application was updated after BlackRock representatives <a href="https://www.sec.gov/comments/sr-nasdaq-2023-016/srnasdaq2023016-310459-807022.pdf" target="_blank" rel="noopener">met</a> with the Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/">SEC</a>) led by Gary Gensler on Dec. 11. This is the third meeting in recent weeks, with BlackRock previously <a href="https://crypto.news/bloomberg-blackrock-and-grayscale-meeting-with-sec-about-bitcoin-etf-issuance/">meeting</a> with the SEC on Nov. 20 and 28.</p> 
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   <p lang="en" dir="ltr">Damn, the SEC is busier than Santa's elves. BlackRock's third meeting with them yesterday is the most notable IMO as everyone is waiting to see if they can convince SEC to allow in-kind creations in the first run of approvals. <a href="https://t.co/r2jqgpg87m" target="_blank">https://t.co/r2jqgpg87m</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1734688272293789759?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 12, 2023</a>
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<p>The SEC has until Jan. 15 to <a href="https://crypto.news/experts-final-lap-before-spot-bitcoin-etf-in-play/">decide</a> on BlackRock’s application, with a final deadline set for Mar. 15. Grayscale, Bitwise, VanEck, WisdomTree, Invesco Galaxy, Fidelity, and Hashdex are among the other financial firms awaiting the SEC’s decision.</p> 
<p> You might also like: <a href="https://crypto.news/will-bitcoin-etfs-follow-gold-etfs-path-to-success/"> Will Bitcoin ETFs follow gold ETFs’ path to success? </a> </p>

BlackRock revises spot Bitcoin ETF application after meeting with SEC

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