BlackRock, the world’s largest asset manager, applied with the US Securities and Exchange Commission (SEC) for its iShares Bitcoin (BTC) Trust to be listed and traded on the Nasdaq stock exchange.

However, the SEC has previously expressed concerns about the potential for market manipulation related to Bitcoin prices and has cited this as a reason for rejecting previous applications for BTC ETFs. 

To address this concern, BlackRock has partnered with Nasdaq to enter into a surveillance-sharing agreement with an operator of a spot trading platform for Bitcoin.

Potential Approval For Blackrock’s Spot Bitcoin ETF

The iShares Bitcoin Trust, filed by BlackRock, differs from other proposed BTC ETFs in key ways.

According to Blackrock’s application, the Trust will be issued by a Delaware statutory trust and will operate under a trust agreement between BlackRock, the Trustee, and a Delaware Trustee. This is different from other proposed Bitcoin ETFs, which have typically been structured as investment trusts.

Furthermore, the iShares BTC Trust will primarily hold Bitcoin, with Coinbase Custody Trust Company as the custodian for its BTC holdings. 

This is the same custodian used by Grayscale Bitcoin Trust, the largest BTC investment trust. However, some other proposed Bitcoin ETFs have planned to use different custodians or even to hold Bitcoin directly.

Finally, the investment objective of the iShares Bitcoin Trust is to reflect the performance of BTC’s price, before payment of the Trust’s expenses and liabilities. The Shares are intended to provide investors with an alternative method of achieving investment exposure to BTC through the public securities market. 

This is similar to other proposed BTC ETFs but differs from the Grayscale Bitcoin Trust, which is structured as a private placement and is only available to accredited investors.

BlackRock’s ETF Approval Rate Is Almost Perfect

It is difficult to predict the chances of th

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Author: Ronaldo Marquez

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