Bitcoin ETF

Bitcoin

James

<p class="is-style-lead">Bloomberg Intelligence ETF research analyst James Seyffart reports that BlackRock and Grayscale, two major investment major companies with plans to issue a Bitcoin ETF, have recently met with the SEC.</p>
<p>Based on slides that have become public knowledge, Seyffart shows that BlackRock likely prefers in-kind for their offering.</p>
<h2 class="wp-block-heading" id="in-kind-vs-cash">In-kind vs. cash</h2>
<p>In highlighting this announcement, the analyst suggests that this decision makes sense as it is likely the cleanest structure for the company and its investors.</p>
<p>The news came alongside a consecutive report that Grayscale, another prominent investment management firm, has also held meetings with the SEC’s division of trading and markets, responsible for approving or denying 19b-4, a form that is used to inform the SEC of a proposed rule change.</p>
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   <p lang="en" dir="ltr">Looks like <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BlackRock</a> also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> ETF (makes sense as its probably cleanest structure for them &amp; end investors) <br>h/t <a href="https://twitter.com/btcNLNico?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@btcNLNico</a> <a href="https://t.co/AK0XspL4zJ" target="_blank" rel="noopener noreferrer nofollow">https://t.co/AK0XspL4zJ</a> <a href="https://t.co/eeuUT9T5mn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/eeuUT9T5mn</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1727341988436209903?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 22, 2023</a>
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<p>Although only the two firms were mentioned by name, Seyffart shares that rumors indicate other potential spot Bitcoin ETF issuers were meeting with the SEC over the last week.</p>
<p>You might also like: <a href="https://crypto.news/ark-invest-discloses-80-bps-fee-in-spot-bitcoin-etf-filing/" rel="noopener noreferrer nofollow"> ARK Invest discloses 80 bps fee in spot Bitcoin ETF filing </a></p>
<h2 class="wp-block-heading" id="bitcoin-etf-approval-coming-soon">Bitcoin ETF approval coming soon?</h2>
<p>News around the release of spot ETFs has continued to spark excitement in the community.</p>
<p>On Nov. 19 it was&nbsp;<a href="https://crypto.news/fake-blackrock-xrp-etf-sec-elon-musk-weekly-recap/" target="_blank" rel="noopener noreferrer nofollow">reported</a>&nbsp;that the XRP community experienced a surge of excitement following the emergence of a filing for a BlackRock iShares XRP Trust on Nov. 13, propelling the token to $0.73. The filing was later proven to be false, as stated by industry commentators, including Bloomberg ETF analyst Eric Balchunas, leading to an immediate sell-off of the asset.</p>
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<p>It is clear the crypto community is actively seeking any positive news on ETF issuance to grasp onto, with this announcement being just one more in the waiting period.</p>
<p>Read more: <a href="https://crypto.news/bloomberg-analysts-estimate-spot-bitcoin-etf-market-to-hit-100b/" rel="noopener noreferrer nofollow"> Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b </a></p>

Bloomberg: BlackRock and Grayscale meeting with SEC about Bitcoin ETF issuance

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