BlackRock, SEC and Bitcoin ETF. With strong confidence that its Bitcoin spot ETF will be approved by January 2024, BlackRock has filed an application for a spot ETH ETF.
Leading global asset management company BlackRock Inc (NYSE: BLK) says the Securities and Exchange Commission (SEC) will approve its Bitcoin (BTC) spot ETFs in January 2024, Fox News reported Thursday.
According to the report, citing people familiar with the matter, the $9 trillion asset manager is confident that the approval of the ETF is imminent and will not exceed January.
If approved, the BlackRock’s spot bitcoin ETF application, filed in July this year listing Coinbase as the custodian, would become the first of many exchange-traded funds in the United States, bringing the industry closer to mainstream adoption.
SEC Could Approve Bitcoin Spot ETFs on January 10
Despite having approved a BTC futures ETF in the past, the SEC has pushed back on greenlighting a spot-based ETF.
Earlier this year, the regulator received a multitude of applications seeking to offer spot bitcoin ETFs. The Commission has yet to decide on the matter, but according to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the agency could approve all the 12 spot Bitcoin ETF applications on January 10, aligning with BlackRock’s prediction.
The analysts said that the financial regulator has an eight-day window starting November 9 to November 17 to either approve or reject the applications, including the BlackRocks’s iShares Bitcoin Trust, which will be listed for trading on the Nasdaq exchange upon approval.
Despite delayed orders issued by the SEC for BlackRock, Bitwise, WisdomTree, Invesco, Fidelity, and Valkyrie ETF applications, Seyffart and Balchunas believe there is a 90% chance the agency will approve all of them next year.
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