US SEC meets again with BlackRock and Grayscale over Bitcoin spot ETF listing application

Interview this week too

It was revealed on the 19th that the US SEC held separate meetings with staff from BlackRock and Grayscale regarding the listing application for a physical Bitcoin ETF. This move was well-received by the market, and BTC returned to the $44,000 level.

Update: @Grayscale met with the SEC again yesterday regarding $GBTC pic.twitter.com/SIxdARrPyB

— James Seyffart (@JSeyff) December 20, 2023

*SEC’S OFFICE OF MARKET SUPERVISION, DIVISION OF TRADING AND MARKETS MET WITH BLACKROCK OFFICIALS ON DEC. 19 ABOUT SPOT BITCOIN ETF – THE BLOCK PRO

— The Block Pro Headlines (@theblockupdates) December 19, 2023

Although the specific content of the meeting is not certain, the technical points are clear as BlackRock narrowed it down to an “in-cash = cash redemption model” in the application documents resubmitted to the SEC (U.S. Securities and Exchange Commission) on the 18th. There may have been a discussion over this.

connection: BlackRock submits Bitcoin ETF amendment proposal, narrows down issuance and redemption methods, “market favorably”

The SEC appears to want financial institutions (APs) to issue shares in Bitcoin ETFs using only cash rather than bringing physical Bitcoin “in-kind” into transactions. For this reason, BlackRock and Fidelity, which originally adopted the word “in-kind,” have changed the wording to “in-cash” in their revised applications.

The final decision on Ark21Shares’ application will be made around January 10th.

The deadline for reviewing multiple applications is near the final deadline for ARK (1/10). Source: Bloomberg

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

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