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Blackrock Meets With SEC 4 Times to Discuss Spot Bitcoin ETF Application

Blackrock Meets With SEC 4 Times to Discuss Spot Bitcoin ETF Application

Blackrock, the world’s largest asset manager, has met with the U.S. Securities and Exchange Commission (SEC) for the fourth time recently to discuss its spot bitcoin exchange-traded fund (ETF) application. SEC Chairman Gary Gensler said this week that the securities regulator is “taking a new look” at spot bitcoin ETF filings.

Blackrock Holds Another Meeting With SEC

The expectation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) has intensified this week as several spot bitcoin ETF issuers engage in discussions with the securities regulator regarding their applications. Notably, Blackrock, the world’s largest asset manager, has held its fourth recent meeting with the SEC concerning its spot bitcoin ETF proposal.

According to a meeting memorandum dated Dec. 14, filed with the SEC, staff from the Office of the Chair met with three individuals from Blackrock. The memorandum details: “The discussion concerned the Nasdaq Stock Market LLC’s proposed rule change to list and trade shares of the Ishares Bitcoin Trust under the Nasdaq Rule 5711(d).” Once approved, Blackrock’s spot bitcoin ETF will trade under ticker IBTC.

Bloomberg’s senior ETF analyst Eric Balchunas commented on X Friday:

Gensler’s staff met with Blackrock yesterday to talk IBTC but it wasn’t normal crew, more public policy folks including Blackrock’s Public Policy Director Ben Tecmire who by the way used to be senior counsel at the SEC’s Division of Investment Management.

Another Bloomberg analyst, James Seyffart, pointed out on X that Blackrock is not the only company meeting with the SEC’s Office of the Chair, noting that Hashdex, another company seeking approval to launch a spot bitcoin ETF, did the same in November. Before the latest meeting, Blackrock met with the SEC on Nov. 20, Nov. 28, and Dec. 11 regarding its spot bitcoin ETF filing.

The SEC staff also recently held meetings with several other companies that have filed to launch spot bitcoin ETFs, including Fidelity, Franklin Templeton, and Grayscale Investments.

Among the topics spot bitcoin ETF applicants discussed with the SEC is the use of cash creation method versus in-kind creation method for their spot bitcoin ETFs. The securities regulator is reportedly in favor of the cash creation method. However, Blackrock, Fidelity, and a few others have expressed their preference for using the in-kind method. Blackrock even proposed a revised in-kind method to resolve the SEC’s concerns.

SEC Chairman Gary Gensler said this week that the securities watchdog is “taking a new look” at spot bitcoin ETF filings following court rulings from the Grayscale case. Gensler emphasized that the SEC acts according to its authorities and how the courts interpret them. There are currently 13 spot bitcoin ETF applications pending at the SEC. Bloomberg’s analysts have predicted a 90% chance of the securities regulator approving a spot bitcoin ETF by Jan. 10.

What do you think about Blacktock meeting with the SEC four times recently regarding its spot bitcoin ETF application? Do you think Blackrock will be among the first filers to be approved by the SEC? Let us know in the comments section below.

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