BlackRock Pitches Bitcoin ETF Models to SEC Amid Mounting Approval Pressure

BlackRock Lobbies SEC on Bitcoin ETF Models in Bid to End Approval Delays

Key Insights

  • BlackRock pitched SEC on Bitcoin ETF models, seeking approval to list spot BTC fund on Nasdaq
  • Comes amid growing speculation SEC may finally approve direct Bitcoin ETF in shift toward crypto
  • BlackRock outlined in-kind and in-cash redemption ETFs; no word on SEC response after years of rejections

NEW YORK — BlackRock and Nasdaq are lobbying the Securities and Exchange Commission to finally approve a spot bitcoin exchange-traded fund (ETF) in the United States, presenting specific models amidst growing clamor for endorsement of crypto investment products.

The SEC revealed Monday that BlackRock outlined proposals for both an in-kind and in-cash redemption vehicle to underpin its iShares Bitcoin Trust. The asset management titan is seeking to list such an ETF directly exposing investors to physical bitcoin on the Nasdaq Stock Exchange.

No details emerged on how regulators responded to BlackRock’s presentations. But the meetings come as anticipation builds that the SEC could be inching closer to greenlighting a spot bitcoin fund after years of rejecting such proposals.

Approving a spot bitcoin ETF would mark one of the most decisive moves yet signaling embrace of cryptocurrencies within mainstream finance. And it may help resolve years of accusations that the SEC applied a double-standard by permitting ETFs tracking bitcoin futures contracts.

The closed-door it-downs involving BlackRock also included participation from Nasdaq itself. The exchange platform giant has been aggressively courting more crypto business including listings and services.

Read also! BlackRock Files for Ethereum ETF in Move to Bring Crypto to Mainstream

Both BlackRock and Nasdaq have stakes in the SEC finally relaxing its stringent stance as among the strongest proponents for institutional adoption of digital assets. But in the opaque world of regulatory decisions, it remains anyone’s guess if wider acceptance is forthcoming despite mounting pressure.

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