BlackRock, Nasdaq, SEC Meet Again: Analyst Speculates On Possible Pre-Holiday Bitcoin ETF Approval

For the second time in a month, BlackRock BLK, Nasdaq NDAQ, and Securities and Exchange Commission (SEC) representatives met to discuss rule changes required to list a Bitcoin BTC/USD ETF.

What Happened: The discussion among the parties was related to The NASDAQ stock exchange’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d), CoinDesk reports. The meeting also included the presence of officials from the Division of Trading and Markets and the Division of Corporation Finance.

The previous meeting in November also focused on the same topic, but it included a presentation that detailed two models for in-kind and in-cash redemption, aimed at supporting the proposed ETF, according to CoinDesk.

This week began with a revised BlackRock S-1 filing with the SEC, which had additional details regarding the creation and redemption methodology to be implemented by the fund. The ETF is set to permit cash redemptions, aligning the fund with regulatory requirements that favor cash over in-kind redemption models.

Also Read: Will Spot Bitcoin ETF Approval Be A Boon Or Bane? Here's What Industry Experts Say

Why It Matters: The Nasdaq Rule 5711 (d) includes specific criteria and regulatory guidelines for the listing and trading of Commodity-Based Trust Shares on the exchange. It also highlights the requirements for initial and continued listing.

An important factor in the listing rule regarding the surveillance and compliance measures for ensuring market integrity and protection against fraudulent activities is also a part of the Nasdaq rule.

Crypto analyst and X user, Timbo took to his X handle on Dec.19 and stated, “I think it’s clear *all* applicants are abiding by the SEC’s request & updated their S-1 for cash creates — BlackRock and Wisdom Tree’s just-in. With holidays, it’s possible the internal deadline was different, and could see a spot #BTC ETF approval in the next 72 hours.”

Read Next: Michael Saylor Stays Bullish On MicroStrategy's Bitcoin Stance Amid Potential ETF Approvals

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