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BlackRock and Nasdaq discuss Bitcoin ETF terms with SEC in second meeting

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A second meeting between BlackRock, Nasdaq, and the Securities and Exchange Commission (SEC) was held yesterday to discuss the terms of approval for a Bitcoin exchange-traded fund (ETF).

SEC met with Blackrock about the Bitcoin ETF filing once again today.

This thing is a done deal. pic.twitter.com/El8ZEdENvo

— Will (@WClementeIII) December 19, 2023

According to the memo released by the Commission, the agenda for this recent meeting concerns necessary changes to rules for enabling the listing and trading of BlackRock’s proposed iShares Bitcoin Trust on Nasdaq’s exchange.

“The discussion concerned The NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),” as stated in the memo.

Nasdaq Rule 5711(d) outlines the criteria and regulatory standards that must be met to enable the listing and continued trading of commodity-based trust shares on the Nasdaq stock exchange.

Once approved and launched, the spot crypto ETF will track the market price of Bitcoin. This means that investors in the ETF would allow US investors to get Bitcoin exposure through normal brokerage accounts without having to custody BTC themselves. The spot crypto ETF would then hold the paired cryptocurrency as its underlying asset.

It is important to note, however, that the SEC maintains its position that Bitcoin is not a security, given how it does not pass the Howey test. An Ethereum ETF is also underway, but the SEC has moved its timeline for deciding on this application to Q3 2024.

This week, BlackRock updated specifications in its S-1 filing for the Bitcoin ETF’s creation and redemption model, which now includes cash redemptions to mor

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Author: Vince Dioquino

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