BlackRock and Grayscale Discuss Bitcoin ETF With SEC

By: Eliza Bennet

BlackRock, the world's largest investment management company, met with officials from United States Securities and Exchange Commission (SEC) recently to discuss the prospects of a spot Bitcoin exchange-traded fund (ETF). The information was included in a formal presentation, where BlackRock explained its ideas for an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The specifics of the SEC's response to these models are not presently known.

It's worth noting that this comes amidst a time when the cryptocurrency industry eagerly awaits the SEC's decision on a spot Bitcoin ETF. A favourable resolution could potentially mark a significant leap towards mainstream adoption of cryptocurrencies. BlackRock is among several firms, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise, with pending spot crypto ETF applications on the SEC's desk.

This news follows a similar development where representatives from Grayscale Investment also met with SEC officials recently, indicating a broader industry trend in the quest for listing crypto ETFs. On an end note, it is still unclear whether the SEC will approve the proposed models or Bitcoin ETF after continuous delays and rejections, leaving the market in eager anticipation.