US SEC Delays BlackRock's Bitcoin ETF Application Amidst Growing Market Interest
Summary:
The United States Securities and Exchange Commission has delayed BlackRock's application for a Bitcoin exchange-traded fund (ETF). The highly influential asset manager is seeking to launch the iShares Bitcoin Trust, offering investors indirect exposure to Bitcoin markets. The delay follows Grayscale Investments' successful appeal and the SEC's extension of the review period for other Bitcoin ETF applications.
The application for a Bitcoin exchange-traded fund (ETF) by global asset manager BlackRock has been delayed by the United States Securities and Exchange Commission (SEC). BlackRock, known for its 8.5 trillion worth of assets, plans to launch the iShares Bitcoin Trust, which will provide investors access to Bitcoin markets without the need for direct exposure to BTC. In June, BlackRock submitted the application for a Bitcoin-backed ETF, with Coinbase Custody selected as the custodian for the fund's Bitcoin holdings and the Bank of New York Mellon responsible for its fiat accounts. The filing by BlackRock emphasized the benefits of the ETF in overcoming the complexities and operational burdens associated with direct Bitcoin investments. This delay follows the successful appeal by Grayscale Investments, allowing the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) by the SEC, which had previously rejected it. Furthermore, the SEC has also extended the review period for Bitcoin ETF applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity, adding to the growing list of postponed ETFs.
Published At
8/31/2023 9:09:44 PM
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