Financial sector giant BlackRock (NYSE:BLK) recently announced that its spot Bitcoin (BTC-USD) exchange-traded fund (ETF) has just been granted the ticker IBIT. An amended S-1 filing with the U.S. Securities and Exchange Commission (SEC) revealed the creation of the new IBIT ticker on Dec. 18, 2023.
In a memo dated Nov. 20, 2023, the SEC stated that it had conducted a meeting with staff members from both BlackRock and the Nasdaq regarding the iShares Bitcoin Trust. It stated that “the discussion concerned the NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d).”
The BlackRock IBIT and Other Bitcoin ETFs
As 2023 winds down to a close, the SEC is gearing up to hand down decisions on several similar Bitcoin ETFs. The regulatory agency is expected to announce the verdicts on applications for other financial institutions such as Ark 21Shares and WisdomTree, per The Block.
Benzinga reports of the SEC’s meeting with BlackRock:
“It is unclear whether the SEC responded positively to the presentations and meetings. There is still plenty of time before a final determination must be made, and the SEC will likely take a while to sort through the details of each application before making a final decision. Many experts anticipate a final decision will be made by early 2024. Specifically, JPMorgan is eyeing Jan. 10 as this is the final day for a decision on several applications.”
Enthusiasm for Bitcoin has been rising lately as growth in cryptocurrency has sparked a rally. Some experts have urged investors to snap cryptos up before the Bitcoin ETF begins trading and interest in digital assets surges even more.
While BTC is struggling somewhat today, the crypto has actually performed well recently, suggesting that optimism for a decision on Bitcoin ETFs is rising and that word from the SEC could be positive. News of the BlackRock IBIT ticker being set is a positive development as well.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
