{"id":553490,"date":"2023-09-29T09:30:09","date_gmt":"2023-09-29T09:30:09","guid":{"rendered":"https:\/\/wncen.com\/?p=553490"},"modified":"2024-06-11T08:13:16","modified_gmt":"2024-06-11T08:13:16","slug":"blackrock-bitcoin-spot-etf-approval","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/blackrock-bitcoin-spot-etf-approval\/","title":{"rendered":"$9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means"},"content":{"rendered":"

In continuation of its recent wave of delays, the US <\/span>Securities and Exchange Commission<\/span><\/a> (SEC) has <\/span>further delayed<\/span><\/a> the Spot Bitcoin ETF application of the world\u2019s largest asset manager, <\/span>BlackRock<\/span><\/a>.\u00a0<\/span><\/p>\n

SEC Request For Comments On BlackRock\u2019s Bitcoin ETF Application<\/h2>\n

In its <\/span>release<\/span><\/a> concerning BlackRock\u2019s application, the SEC called for written comments on why the iShares Bitcoin Trust should be approved or disapproved. This move ultimately extends the period in which the Commission can decide on the proposed rule change, with the next deadline coming on January 15, 2024.\u00a0<\/span><\/p>\n

Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600?<\/a><\/div>\n
<\/div>\n

As part of its request for comments, the SEC specifically asked commenters to give their views on whether the Chicago Mercantile Exchange (CME) represented a regulated market of significant size for spot Bitcoin. It also asked them to give their views on the correlation between the Bitcoin spot market and the CME Bitcoin futures market.<\/span><\/p>\n

It is unknown what the SEC aims to achieve from this, considering that the court had ruled in <\/span>Grayscale\u2019s case against the Commission<\/span><\/a> that the spot and futures market were correlated. Therefore, there was no reason why ETFs relating to both markets should enjoy different regulatory treatment.<\/span><\/p>\n

Meanwhile, in a similar fashion, the SEC also extended the deadline for a decision on the Spot Bitcoin ETF applications of <\/span>Bitwise<\/span><\/a>, Invesco, and <\/span>Valkyrie<\/span><\/a>. Following this, the next deadline for the SEC to decide on these applications is in January 2024, with Bitwise\u2019s coming on the 14, Invesco on the 15, and Valkyrie\u2019s on the 17 of that month.\u00a0\u00a0<\/span><\/p>\n

It is worth mentioning that the SEC can still further delay these applications one last time before it finally has to decide on them. If that happens, these ETFs are likely not to launch (if approval is given) until mid-March. Meanwhile, the SEC must decide on the <\/span>ARK 21Shares Bitcoin ETF<\/span><\/a> by January 10, 2024.\u00a0<\/span><\/p>\n

The SEC is still expected to delay the Spot Bitcoin ETF applications of <\/span>WisdomTree<\/span><\/a>, VanEck, and Fidelity before a potential government shutdown on October 1.\u00a0\u00a0<\/span><\/p>\n

Not A Bad Day For Valkyrie<\/h2>\n

Despite the delay of its Spot Bitcoin ETF application, <\/span>asset manager Valkyrie<\/span><\/a> and its investors still had something to cheer about, as it is <\/span>reported<\/span><\/a> to have gotten the nod to offer exposure to ETH futures contracts through its Valkyrie Bitcoin and Ether Strategy ETF.\u00a0<\/span><\/p>\n

The asset manager had <\/span>earlier applied<\/span><\/a> to the SEC to convert its Valkyrie Bitcoin Strategy ETF (BTF) to a new fund that holds both Bitcoin and Ethereum futures contracts.<\/span><\/p>\n

\n
\n
Related Reading: Ripple CTO Addresses Bitcoin Adviser\u2019s Claims That XRP Is Centralized<\/a><\/div>\n<\/div>\n<\/div>\n

This move was then touted as a way for the asset manager to gain a first-mover advantage over the rest, and it looks like it worked, as it will become the first to offer US investors the chance to bet on the future price of Ethereum.\u00a0<\/span><\/p>\n

Confirming this news, Bloomberg Analyst James Seyffart <\/span>stated<\/span><\/a> that Valkyrie\u2019s ticker will begin holding \u201ca small % of ETH futures\u201d from September 29 and will switch to \u201c50% ETH 50% BTC\u201d from next week.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC jumps above $27,000 resistance | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Analytics Insight, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In continuation of its recent wave of delays, the US Securities and Exchange Commission (SEC) has further delayed the Spot Bitcoin ETF application of the world\u2019s largest asset manager, BlackRock.\u00a0 SEC Request For Comments On BlackRock\u2019s Bitcoin ETF Application In its release concerning BlackRock\u2019s application, the SEC called for written comments on why the iShares Bitcoin Trust should be approved or disapproved. This move ultimately extends the period in which the Commission can decide on the proposed rule change, with the next deadline coming on January 15, 2024.\u00a0 Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? As part of its request for comments, the SEC specifically asked commenters to give their views on whether the Chicago Mercantile Exchange (CME) represented a regulated market of significant size for spot Bitcoin. It also asked them to give their views on the correlation between the Bitcoin spot market and the CME Bitcoin futures market. It is unknown what the SEC aims to achieve from this, considering that the court had ruled in Grayscale\u2019s case against the Commission that the spot and futures market were correlated. Therefore, there was no reason why ETFs relating to both markets should enjoy different regulatory treatment. Meanwhile, in a similar fashion, the SEC also extended the deadline for a decision on the Spot Bitcoin ETF applications of Bitwise, Invesco, and Valkyrie. Following this, the next deadline for the SEC to decide on these applications is in January 2024, with Bitwise\u2019s coming on the 14, Invesco on the 15, and Valkyrie\u2019s on the 17 of that month.\u00a0\u00a0 It is worth mentioning that the SEC can still further delay these applications one last time before it finally has to decide on them. If that happens, these ETFs are likely not to launch (if approval is given) until mid-March. Meanwhile, the SEC must decide on the ARK 21Shares Bitcoin ETF by January 10, 2024.\u00a0 The SEC is still expected to delay the Spot Bitcoin ETF applications of WisdomTree, VanEck, and Fidelity before a potential government shutdown on October 1.\u00a0\u00a0 Not A Bad Day For Valkyrie Despite the delay of its Spot Bitcoin ETF application, asset manager Valkyrie and its investors still had something to cheer about, as it is reported to have gotten the nod to offer exposure to ETH futures contracts through its Valkyrie Bitcoin and Ether Strategy ETF.\u00a0 The asset manager had earlier applied to the SEC to convert its Valkyrie Bitcoin Strategy ETF (BTF) to a new fund that holds both Bitcoin and Ethereum futures contracts. Related Reading: Ripple CTO Addresses Bitcoin Adviser\u2019s Claims That XRP Is Centralized This move was then touted as a way for the asset manager to gain a first-mover advantage over the rest, and it looks like it worked, as it will become the first to offer US investors the chance to bet on the future price of Ethereum.\u00a0 Confirming this news, Bloomberg Analyst James Seyffart stated that Valkyrie\u2019s ticker will begin holding \u201ca small % of ETH futures\u201d from September 29 and will switch to \u201c50% ETH 50% BTC\u201d from next week.\u00a0 BTC jumps above $27,000 resistance | Source: BTCUSD on Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":553491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,9960,656,7720,89215,1119,89185,1144,78790,89193,84647],"class_list":["post-553490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etfs","tag-bitcoin-news","tag-blackrock","tag-blackrock-news","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n$9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means<\/title>\n<meta name=\"description\" content=\"In continuation of its recent wave of delays, the US SEC has further delayed the Spot Bitcoin ETF application of asset manager, BlackRock.\u00a0\" \/>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means","url":"http:\/\/wncen.com\/news\/blackrock-bitcoin-spot-etf-approval\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/blackrock-bitcoin-spot-etf-approval\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BlackRock-Spot-Bitcoin-ETF.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BlackRock-Spot-Bitcoin-ETF.png?fit=811%2C469"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin etfs","bitcoin news","blackrock","blackrock news","btc","btc news","btcusd","btcusdt","etf news","spot bitcoin etf"],"dateCreated":"2023-09-29T09:30:09Z","datePublished":"2023-09-29T09:30:09Z","dateModified":"2024-06-11T08:13:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$9 Trillion BlackRock Sees Bitcoin Spot ETF Approval Delayed, What This Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/blackrock-bitcoin-spot-etf-approval\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/blackrock-bitcoin-spot-etf-approval\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/BlackRock-Spot-Bitcoin-ETF.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/BlackRock-Spot-Bitcoin-ETF.png?fit=811%2C469\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin etfs\",\"bitcoin news\",\"blackrock\",\"blackrock news\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\",\"etf news\",\"spot bitcoin etf\"],\"dateCreated\":\"2023-09-29T09:30:09Z\",\"datePublished\":\"2023-09-29T09:30:09Z\",\"dateModified\":\"2024-06-11T08:13:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/BlackRock-Spot-Bitcoin-ETF.png?fit=811%2C469","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553490"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=553490"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/553491"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=553490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=553490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=553490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}