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Home»Bitcoin»BlackRock revises its SECNasdaq Bitcoin Spot ETF proposal
Bitcoin

BlackRock revises its SECNasdaq Bitcoin Spot ETF proposal

NBTCBy NBTC30/11/2023No Comments3 Mins Read
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BlackRock has revised its proposal for the Bitcoin Spot ETF. The aim is to attract investors and balance the preferences of the SEC. BlackRock has been trying to enable trading in actual BTC; however, the SEC has sought caution in approving any such requests. The idea is to not link the product with the volatility of the crypto market.

The in-kind Bitcoin Spot ETF, Exchange Traded Funded, has been revised to ensure that traders can directly trade Bitcoin without relying on futures as other cash-based ETFs do. The proposal is currently before the SEC and Nasdaq. It comes after the SEC gave feedback to BlackRock and asked the fund manager to align with regulatory standards. The feedback was in response to the initial proposal submitted on November 20, 2023.

A revision comes days after the SEC announced delaying the approval of Spot Bitcoin ETF for Franklin. While some players in the industry have expressed their concerns over the delay, many experts have come forward to say that this could be to line up all the applications together for approval.

Franklin and Hashdex were the only two entities waiting for a decision. The SEC has now conveyed its intentions 30 days before the deadline.

A tentative date for approving all Spot Bitcoin ETF applications is January 10, 2024. The original deadline for Franklin was January 1, 2024. Delaying approval by the deadline would have extended the final approval for more than nine days. Experts are saying that a core reason why the SEC is lining up all the applications for approval is because the Commission does not want to give any first-mover advantage to a particular company.

The entire crypto market is now expected to begin its bullish run on January 10, 2024. Standard Chartered and others are of the opinion that Bitcoin could generate a majority of interest in the cryptocurrency market. According to a group of analysts led by Geoff Kendrick, the market capitalization of the cryptocurrency industry could reach an estimated $1.955 trillion should Bitcoin surpass the $100,000 threshold. This is predicated on the assumption that 19.55 million BTC will be in circulation.

Bitcoin was last seen trading at $37,734.89, a slip of ~0.93% in the last 24 hours but a rise of 1.35% in the last 7 days. Also, the value increased by ~9.31% in the last 30 days. Predictions have estimated that BTC will touch its ATH value by the end of 2023. That is a far-fetched estimate, considering the token would require a longer jump.

It also makes attaining $100,000 by the end of 2024 more challenging. In the next 13 months, a nearly 168% increase will have to establish its case.

BlackRock presenting its revised proposal for Spot Bitcoin ETF is in a direction to align with the preferences of the SEC. The Commission may make a final decision in the next few days.

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