Tag: ETF

SEC Chair Gensler dodges question about spot Bitcoin ETF

boss

Securities and Exchange Commission (SEC) Chairman Gary Gensler refused to talk about cryptocurrency after a meeting on the U.S. Treasury market. Bloomberg reporter Kailey Leinz asked Gensler about the current status of various applications for spot Bitcoin (BTC) ETFs. Gensler did not want to talk about #Bitcoin or Crypto with @kaileyleinz today after their meeting where the SEC made changes to the treasury markets haha (admittedly he does have a point but Kailey focused on treasuries for 5 minutes before this question lol) pic.twitter.com/Ll9uCGJYEX — James Seyffart (@JSeyff) December 13,…

Bitwise Bitcoin ETF listed on DTCC along with Fidelity and BlackRock

boss

Another spot Bitcoin (BTC) ETF from Bitwise (BITB) has appeared on the website of the clearing and settlement company Depository Trust & Clearing Corporation (DTCC). The spot Bitcoin ETF was listed by DTCC, which is in charge if clearing trades. It provides post-trade clearance, settlement, custody and information services for stocks, exchange-traded funds and other products, according to NASDAQ. Source: DTCC Listing on DTCC is part of the process of bringing an ETF to market. Typically, the DTCC list includes active and potential ETFs. Prior to this, Fidelity’s Wise Origin Spot…

SEC postpones deadline for decision on Invesco Galaxy spot Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has delayed its review of Invesco Galaxy’s Ethereum (ETH) spot ETF. Setting a new deadline of Feb. 6, the SEC has pushed back the applications of a spot ETH ETF that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. “The 45th day after publication of the notice for this proposed rule change is December 23, 2023. The Commission is extending this 45-day time period.” SEC In September, asset managers Invesco and Galaxy Digital submitted a…

Bitcoin ETF applicants will have to ‘bend the knee’ on cash redemption model

boss

As spot Bitcoin exchange-traded fund (ETF) issuers iron out details of their filings with the U.S. securities regulator, it appears that the SEC is steadfast in demanding a “cash” redemption model rather than alternative model proposed by other issuers, such as BlackRock. On Dec. 14 finance lawyer Scott Johnsson said that ETF applicant Invesco has become the latest to bend the knee to using a cash creation and redemption model for its ETF.  I think everyone is gonna have to bend the knee to cash creates and redeems. https://t.co/1z9HknHyAG —…

SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024

boss

The United States Securities and Exchange Commission has delayed its decision on whether to approve or disapprove a spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital. In a Dec. 13 notice, the SEC said it would designate a longer period on whether to approve or disapprove a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. The proposed spot crypto investment vehicle is one of many being considered by the commission, which to…

Revised BlackRock Bitcoin ETF Filing Invites Participation From U.S. Banks

boss

A change to the mechanics of BlackRock’s proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants (APs) – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency. As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest…

BlackRock Submits Revised Spot Bitcoin ETF Application to Allow Participation from Banks

The revised spot Bitcoin ETF proposal from BlackRock provides access to banks, allowing them participate via broker-dealers. Giant asset manager BlackRock Inc (NYSE: BLK) has submitted a revised version of its application for its iShares spot Bitcoin exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC). The revised application modifies BlackRock’s ETF, making it easier for Wall Street banks to participate. If approved, BlackRock’s ETF will allow regulated banks in the US to create new fiat-based shares in the ETF, instead of only crypto. The new model requires an interested financial…

BlackRock Updates ETF Application Inviting Wall Street Banks to Participate

BlackRock’s recent app update indicates their engagement with the SEC led by Gary Gensler on Dec. 11, marking the third meeting in a series held over the past few weeks. BlackRock Inc (NYSE: BLK) has implemented structural modifications in its application to launch a spot Bitcoin ETF in the US. The updated filing allows Wall Street banks to generate new shares in the fund using fiat currencies, expanding beyond cryptocurrencies. To participate, banks must acquire authorized participant (AP) status. This adjustment is notable as regulated US banks, unable to hold…

BlackRock revises spot Bitcoin ETF application after meeting with SEC

boss

BlackRock has made structural changes to its application to launch a spot Bitcoin ETF in the U.S. According to the updated filing, Wall Street banks can now create new shares in the fund based on fiat, not just cryptocurrencies. To do this, they need to obtain the status of an authorized participant (AP). Source: BlackRock ETF filing The changes open the way to ETFs for regulated U.S. banks that cannot hold cryptocurrency. They will be able to interact with the BlackRock Bitcoin fund as an AP. Fiat shares of the fund can…

BlackRock revises spot Bitcoin ETF to enable easier access for banks

boss

BlackRock has revised its spot Bitcoin (BTC) exchange-traded fund (ETF) application to make it easier for Wall Street banks to participate by creating new shares in the fund with cash, rather than just crypto. The new in-kind redemption “prepay” model, will allow banking giants such as JPMorgan or Goldman Sachs to act as authorized participants for the fund — allowing them to circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets. The new model was presented by six members of BlackRock and three from…