The U.S. Securities and Change Fee granted approval for Nasdaq to checklist and commerce choices on BlackRock’s iShares Bitcoin Belief.
Per the main points shared within the official filing on Sept. 20, the SEC’s approval comes after a prolonged evaluate course of that began on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to commerce choices on exchange-traded merchandise.
Nasdaq constantly adopted up on its proposal with a number of amendments, which started on Jan 11. Over the next months, the trade submitted further amendments and knowledge relating to IBIT and different Bitcoin-based (BTC) ETPs.
SEC’s approval concerned a number of phases of evaluate
After virtually eight months of evaluate, the SEC lastly gave the greenlight for Nasdaq’s proposal. The fee acknowledged that the trade even proposed to switch its guidelines to checklist and commerce choices on IBIT.
In line with the official submitting, choices on IBIT might be bodily settled with American-style train. Nasdaq additionally highlighted that IBIT choices might be beneath the trade’s continued itemizing requirements.
“Choices on IBIT might be topic to the Change guidelines that presently apply to the itemizing and buying and selling of all ETF choices on the Change,” the submitting reads.
Crypto analysts say choice is bullish
Reacting to the SEC’s choice, a number of key crypto merchants and analysts took to X to share their opinion. Crypto dealer Ash Crypto tweeted that that is extremely bullish.
Senior ETF analyst Eric Balchunas additionally shared particulars of the approval on X. Balchunas tweeted his assumption that others might be authorised in brief order.
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Balchunas additionally pinpointed this as an enormous win for the Bitcoin ETFs, stating that this can entice extra liquidity. Nevertheless, he highlighted the truth that that is “only one stage of approval.”
The proposal nonetheless wants approval from the OCC and CFTC earlier than the official itemizing.
“I’m assuming others might be authorised in brief order,” Balchunas added, calling it a “enormous win” for Bitcoin ETFs “as it’s going to entice extra liquidity which can in flip entice extra massive fish.”