• The U.S. Securities and Exchange Commission (SEC) is reportedly acknowledging BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF).
• According to Bloomberg research analyst James Seyffart, the regulatory agency is recognizing the spot BTC ETF applications of BlackRock and other prominent financial firms, kicking off a review process.
• According to Bloomberg ETF analyst Eric Balchunas, however, the SEC acknowledging the bids is likely just procedural and doubtful to change the chances of them being approved.
U.S. SEC Acknowledges BlackRock’s Bitcoin Spot ETF Application
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged BlackRock’s application for a spot Bitcoin (BTC) exchange-traded fund (ETF), kicking off an official review process.
Other Prominent Financial Firms Also Submitted Applications
Bloomberg research analyst James Seyffart said that the SEC is also recognizing the spot BTC ETF applications of other prominent financial firms such as VanEck, Invesco US, Fidelity and WisdomTree in order to begin its review process.
Additionally, Ark Invest/21Shares have already progressed beyond this point in their application process according to Seyffart while Bitwise Asset Management was recognized yesterday by the SEC as well.
SEC Will Likely Decide by Mid-March 2024
Seyffart believes that the SEC will either approve or deny BlackRock’s request by March of next year with an official decision on ARK Invest/21Shares’ application expected by early January 2021 if all goes according to plan.
SEC Acknowledging Bids Is Procedural
However, Bloomberg ETF analyst Eric Balchunas warned that it is likely that SEC’s recognition of these bids is just procedural and doubtful to change their chances of approval or denial regardless of its order filing date versus being acknowledged with same date for all applicants.