Tag: ETF

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

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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

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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

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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…

SEC met with Franklin Templeton over spot Bitcoin ETF

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Discussions between the SEC and Franklin Templeton emerged as crypto proponents stayed bullish on spot Bitcoin ETFs amid market dips. The $1.5 trillion asset manager reportedly met with the U.S. Securities and Exchange (SEC) on Dec. 8 for further discourse on the firm’s bid for a spot Bitcoin ETF, a product many potential issuers hope to bring to America’s market. JUST IN: 🇺🇸 SEC held a meeting with $1.5 trillion Franklin Templeton about its spot #Bitcoin ETF 👀 — Bitcoin Magazine (@BitcoinMagazine) December 12, 2023 The details of the meeting…

BlackRock’s (BLK) BTC ETF Now Invites Participation From Wall Street Banks

“If the SEC accepts this revised, dual model of create and redeem with cash and physical, that means the liquidity that supports the ETF shares when they trade would be increased, because obviously, you have more potential APs as part of the process,” CF Benchmarks CEO Sui Chung said in an interview. (CF Benchmarks is the Kraken-owned benchmarks administrator for several existing spot bitcoin ETF applications, including BlackRock’s.) “And although trading firms like Jane Street, etc. are large and are experts, they fundamentally don’t have the trillion-dollar plus balance sheets…

SEC, BlackRock, and Fidelity Iron Out Details for Potential Bitcoin ETF

As the SEC engages in detailed discussions with investment giants like BlackRock and Fidelity, the potential approval of a spot Bitcoin ETF seems to be moving closer to reality. The crypto market is abuzz following recent revelation that the Securities and Exchange Commission (SEC) engaged in discussions with major investment firms BlackRock Inc (NYSE: BLK) and Fidelity Investments, to iron out technical details for a potential spot Bitcoin Exchange-Traded Fund (ETF). Spot Bitcoin ETF and the Redemption Process Vivian Fang, a finance professor at Indiana University, noted that the SEC…

Final lap before spot Bitcoin ETF in play

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Analysts opined that the U.S. SEC would likely approve spot BTC ETFs in early January 2024, with eyes on the deadline for a decision on ARK Invest’s application.  ETF expert Nate Geraci surmised that the final response date for ARK Invest’s joint filing with 21Shares for a spot Bitcoin (BTC) ETF further strengthens predictions of approval within the first two weeks of January 2024. The Securities and Exchange Commission (SEC) has until Jan. 10 to decide whether to accept or deny ARK Invest’s bid. Geraci speculated that this hints at…

BlackRock amends ETF filings; Do Kwon & more

Today’s weekly recap looks at the U.S. ETF race, as BlackRock and VanEck amend their filings. Also, Montenegro’s authorities are considering extraditing Terra’s founder, while the crypto scene sees sustained regulatory developments. BlackRock, Bitwise, VanEck amend ETF filings As leading asset managers continued to anticipate a decision on a spot Bitcoin ETF, they made changes to align with the U.S. SEC’s demands. Bloomberg ETF analyst James Seyffart revealed on Dec. 4 that BlackRock had amended its filing. Reports further suggested that crypto fund manager Bitwise also updated its application. Seyffart…