Everything You Need to Know About BlackRock’s Latest Meeting with the SEC

• BlackRock held a fifth meeting with the SEC regarding its proposed spot bitcoin ETF, with a total of 24 meetings between the SEC and bitcoin ETF applicants so far.
• BlackRock aims to launch the iShares Bitcoin Trust ETF with the ticker BITO on the Nasdaq exchange, and submitted a new amendment detailing a cash-only creation mechanism.
• The SEC has delayed decisions on all spot bitcoin ETF applications until 2023, but frequent meetings and recent comments signal possible approval of the first ETF in early 2023.

BlackRock and the SEC held another meeting to discuss the asset management firm’s proposed spot bitcoin ETF. This marks the fifth meeting between BlackRock and the regulator regarding the proposed bitcoin ETF.

Previous Meetings Between BlackRock and the SEC

There have now been a total of 24 meetings between the SEC and companies applying to launch spot bitcoin ETFs. SEC Chair Gary Gensler was present at the previous meeting with BlackRock but did not attend this latest one. The frequent meetings may signal progress in conversations about approving a bitcoin ETF.

BlackRock’s Bitcoin ETF Application

BlackRock aims to launch its bitcoin ETF, the iShares Bitcoin Trust, under the ticker BITO on the Nasdaq exchange. The firm submitted a new amendment this week, detailing plans for a cash-only creation mechanism.

Prospects of SEC Approval in 2023

The SEC has delayed decisions on all spot bitcoin ETF applications until 2023. If any are approved next year, it could catalyze a significant bitcoin and crypto market rally. Many anticipate an ETF could be greenlit in early 2023 given recent comments from Gensler.

Conclusion

With over a dozen spot bitcoin ETF applications pending, the approval of the first remains one of the most anticipated events in the crypto industry. BlackRock’s frequent meetings with the SEC suggest meaningful progress towards potentially launching the first US spot bitcoin ETF. The SEC’s verdicts on the current filings are keenly awaited next year.