Bitcoin ETF

Bitcoin

Gary

<div class="cryptonews">
 <p class="is-style-lead">BlackRock&nbsp;has made structural changes&nbsp;to its <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> to launch a spot Bitcoin ETF in the U.S.</p>
 <p>According to the updated filing, 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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   Source: BlackRock ETF filing
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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>
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 <p>Presumably, the <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a> was updated after BlackRock representatives met with the Securities and Exchange Commission (SEC) led by Gary Gensler on Dec. 11. This is the third <a rel="noopener noreferrer nofollow" title="meeting" href="https://thebittimes.com/tag/meeting.html">meeting</a> in recent weeks, with BlackRock previously <a rel="noopener noreferrer nofollow" title="meeting" href="https://thebittimes.com/tag/meeting.html">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 <a rel="noopener noreferrer nofollow" title="meeting" href="https://thebittimes.com/tag/meeting.html">meeting</a> 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. https://t.co/r2jqgpg87m</p>— Eric Balchunas (@EricBalchunas) December 12, 2023
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 <p>The SEC has until Jan. 15 to decide on BlackRock’s <a rel="noopener noreferrer nofollow" title="application" href="https://thebittimes.com/tag/application.html">application</a>, 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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/blackrock-revises-spot-bitcoin-etf-application-after-meeting-with-sec-tbt73504.html">https://thebittimes.com/blackrock-revises-spot-bitcoin-etf-application-after-meeting-with-sec-tbt73504.html</a></p>

BlackRock revises spot Bitcoin ETF application after meeting with SEC

TheBitTimes

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