BlackRock Refiles Application for Bitcoin Spot ETF With SEC

BlackRock refiled its application for its iShares Bitcoin Trust exchange-traded fund (ETF) after the SEC found it inadequate.

The Nasdaq exchange has submitted an amended application for a Bitcoin spot ETF on behalf of BlackRock after the SEC found trouble with its initial attempt.

Nasdaq Names Coinbase as Surveillance Partner

In the newly submitted application, Nasdaq reached an agreement with crypto exchange Coinbase to enter into a surveillance-sharing agreement which will address one of the SEC’s main objections to recent Bitcoin spot ETF filings.  

The filing reads:

The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the exchange’s market surveillance program.

The Wall Street Journal reported last week that the SEC told Nasdaq and Cboe that recent ETF filings from BlackRock, Fidelity, and others were not “clear and comprehensive.”

Senior Bloomberg Analyst Eric Balchunas soon tweeted that the SEC’s main objection to the filings was that it needed the name of the crypto exchange for the “surveillance-sharing agreement” and required more details on the SSA.

Hold up a second, this isn’t as bad as headline. The key paragraph is deep in story. Basically SEC wants them to name the “crypto exchange” and give more details on SSA. That’s understandable, arguably good news. I was under impression they’d have to update that as well. pic.twitter.com/bh9qn65Xh2

— Eric Balchunas (@EricBalchunas) June 30, 2023

Firms Update ETF Filings

BlackRock’s proposed ETF will depend on Coinbase as its custodian and for its spot market data for pricing. Coinbase has also agreed to provide similar services to Fidelity, which is also applying for its own Bitcoin spot ETF.

BlackRock was the first to apply for a Bitcoin spot ETF on June 15, followed by filings from WisdomTree, Invesco, and finally, Fidelity.

Given the agency’s hostile stance against crypto under its current chairman Gary Gensler, the SEC has not approved any Bitcoin spot ETFs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.