BlackRock’s Bitcoin ETF Application Is Refiled By Nasdaq To SEC
(Bloomberg) -- BlackRock Inc. has refiled paperwork with US regulators through Nasdaq to add new details to its proposal for a exchange-traded fund that invests directly in Bitcoin.
The exchange on Monday submitted new documents with the US Securities and Exchange Commission to indicate that Coinbase Global Inc. will provide market surveillance in support of the proposed ETF from the world's largest asset manager. The move came after the regulatory agency had said that initial filings by issuers were deemed to be insufficient and lacked necessary information.
A number of other companies had last week made their applications more specific as well, with Fidelity Investments, Invesco, VanEck, 21Shares and WisdomTree all amending their proposals.
Earlier: Fidelity Leads Flurry of Bitcoin ETF Refilings to Answer SEC
Crypto market surveillance may be key to gaining SEC approval for a spot Bitcoin ETF, analysts say. The surveillance could dramatically reduce fraud and market manipulation, which were top reasons the agency has rejected around 30 spot Bitcoin ETF applications to date.
Following BlackRock's mid-June filing for such an ETF, a slew of other firms filed or refiled for spot products amid market optimism that the SEC could reverse its long-standing view that such a fund shouldn't be allowed. In evidence of a partial thaw, the agency did allow ETFs tied to Bitcoin futures in 2021 and recently also green-lit a leveraged Bitcoin-futures fund.
BlackRock's initial filing in mid-June not only set off a race among other issuers for similar filings, but also sparked a rally for cryptocurrencies broadly. Bitcoin has added more than 10% over the past month alone and is up more than 80% since the start of the year. The idea of a potential spot ETF is exciting for many fans of digital assets because it could mean greater accessibility for everyday investors.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
