SEC Postpones BlackRock’s Bitcoin ETF Options Trading Decision to April 24

The Securities and Exchange Commission (SEC) has opted to extend its decision-making process regarding BlackRock’s request to offer options trading on a Bitcoin ETF that tracks the actual price of Bitcoin. This type of trading would enable investors to speculate on the future price of Bitcoin without directly owning it. The SEC has postponed the decision date to April 24. BlackRock’s request is not the only one awaiting a response, as the SEC is also taking its time with similar requests from Cboe Exchange, Inc. and Miax Pearl LLC.

Taking a closer look at the decision-making process, the SEC made this announcement on March 6, stating that it requires additional time to consider the rule change proposed by Nasdaq. Nasdaq ISE had submitted a proposal on January 9, suggesting the option to trade options on the iShares Bitcoin Trust. The proposal was made public on January 25, inviting comments from the public, and a total of five comments were received.

According to the regulations, the SEC had 45 days from the publication date to make a decision, with the possibility of extending it to 90 days if necessary, which they have done. The original deadline was March 10, but it has now been moved to April 24. The SEC explained that this extension allows them ample time to thoroughly review the proposal and make an informed decision.

While waiting for the SEC’s decision, BlackRock is not sitting idle. The company has submitted new documents to the SEC, indicating its intention to purchase more Bitcoin ETFs. These ETFs are planned to be included in BlackRock’s Global Allocation Fund. This filing suggests that BlackRock is interested in investing in Bitcoin ETFs that are officially listed and traded on recognized national exchanges.

BlackRock holds a significant position in the Bitcoin ETF market. Its current Spot BTC ETF has been performing exceptionally well, driving a surge in interest for Bitcoin ETFs. The past week has witnessed unprecedented levels of performance for Bitcoin ETFs, with daily records being broken. The price of Bitcoin has remained steady at around $68,000 since the beginning of the week, indicating a robust market performance.

Tags: Bitcoin