BlackRock Updates Spot Bitcoin ETF Proposal, SEC Decision Expected by January 10

The world's largest asset manager, BlackRock, has updated its proposed filing for a spot bitcoin ETF to allow cash redemptions, a move that could help secure approval from the SEC.

BlackRock, the world's largest asset manager, has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, a move that could help secure approval from the U.S. Securities and Exchange Commission (SEC).
The SEC has so far denied all spot bitcoin ETF applications, citing potential for fraud, but market participants are hopeful of an approval early next year.
SEC is expected to make a decision by January 10, 2024, and could approve several applications at once.
BlackRock, Nasdaq, and the SEC have met twice in a month to discuss rule changes necessary to list the bitcoin ETF.
A spot bitcoin ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without buying the currency.