Skip to main content

Featured Story

Produced by Daniel Aharonoff & Mogul Media AI

Arizona Senate Considers Bitcoin ETFs for Retirement Plans

Arizona Senate Considers Bitcoin ETFs for Retirement Plans In a significant move towards modernizing retirement portfolios, the Arizona state senate is currently deliberating a bill that could pave the way for the inclusion of Bitcoin ETFs in the state's pension funds for government employees. This initiative, encapsulated in Senate Concurrent Resolution 1016, reflects a growing acknowledgment of the digital asset's potential within institutional investment strategies. Key Highlights of Senate Concurrent Resolution 1016 Sponsorship : The resolution is backed by state Senators Jake Hoffman and Warren Petersen, along with Representative Joseph Chaplik. Market Interest : It underscores the remarkable interest in Bitcoin and Bitcoin ETFs, particularly following the approval of 11 spot Bitcoin ETFs in January. Market Capitalization : Bitcoin boasts a staggering market cap exceeding \(1.3 trillion, while the total assets under management for firms pursuing Bitcoin ETFs have ...
Post a Comment
Read more
Produced by Daniel Aharonoff & Mogul Media AI

BlackRock and Nasdaq Meet with SEC: Crucial Step for Bitcoin ETF Approval

BlackRock and Nasdaq met with the SEC's Division of Trading and Markets to discuss BlackRock's bid to launch a spot Bitcoin ETF. The meeting included key personnel from both BlackRock and Nasdaq, as well as Associate Directors from the SEC's Division of Trading and Markets.

The discussion centered around Nasdaq's proposed rule change to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d). This rule provides guidelines for the listing of Commodity Based Trust Shares, including compliance requirements.

This meeting follows BlackRock's recent amendment to its S-1 application, in which the proposed iShares Bitcoin Trust gained a new ticker, IBIT, and switched to a cash only ETF. This means that new shares of the fund can only be created with cash, not Bitcoin.

It's worth noting that this is not the first meeting between BlackRock and the SEC regarding its Bitcoin ETF application. In November, the asset manager met with the regulator to discuss a proposed rule change that would make it easier for Wall Street Banks to participate in the ETF by shifting risk to crypto market makers.

BlackRock's initial filing for a spot Bitcoin ETF in June had a significant impact on the crypto industry, reinvigorating hopes that such a financial instrument would finally be approved by the SEC. The regulator had previously rejected every single Bitcoin ETF application it received.

With a January 2024 deadline approaching, the discussions between BlackRock, Nasdaq, and the SEC are crucial in determining the fate of the proposed Bitcoin ETF. Investors and market participants eagerly await the SEC's decision, as the approval of a Bitcoin ETF could have far-reaching implications for the cryptocurrency market.

Email Post

Comments

Post a Comment

Trending Stories