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Asset management firm BlackRock reportedly had a recent meeting with the United States Securities and Exchange Commission (SEC).
There has been heightened speculation surrounding BlackRock’s filing for a Bitcoin ETF, fueled by substantial anticipation and a notable delay in the approval process.
Is the BlackRock Bitcoin ETF Approval Drawing Near?
Bloomberg analyst James Seyffart revealed that BlackRock recently met with the US SEC. Seyffart presented slides suggesting that the meeting focused on BlackRock’s Bitcoin exchange-traded fund (ETF) product.
“Based on this it looks like BlackRock prefers in-kind for their bitcoin ETF (makes sense as its probably cleanest structure for them & end investors).”
Additional records indicate that a number of individuals from BlackRock, as well as several representatives from the NASDAQ stock exchange, participated in the meeting.
Meanwhile, according to a user on X who goes by the name “Timbo,” there are several benefits to going down the “in-kind” route. It is tax-efficient and keeps the ETF’s price aligned with its net asset value (NAV).
BlackRock outlined the risks involved with a Bitcoin ETF in a recent registration statement to the SEC. It highlighted extreme volatility as the number one risk, due to dramatic price fluctuations.
“There is no assurance that Bitcoin will maintain its value in the long, intermediate, short, or any other term. In the event that the price of Bitcoin declines, the [BlackRock] expects the value of the Shares to decline proportionately,” the statement declared.