This summary text is fully AI-generated and may therefore contain errors or be incomplete.
BlackRock and three other issuers recently met with the Securities and Exchange Commission (SEC) Divisions responsible for approving Spot Bitcoin ETFs. This has sparked optimism that these funds may be approved in January.
In a recent post, Bloomberg analyst James Seyffart revealed that BlackRock had its third meeting with the SEC. The asset manager had previously discussed its in-kind model with the regulator, but the recent meeting did not focus on that. Three other issuers, Fidelity, Grayscale, and Franklin, also met with the SEC. Notably, this was the second meeting between Grayscale and the SEC.
Seyffart and his colleague Eric Balchunas maintain their prediction that there is a 90% chance of a Spot BTC ETF being approved in January. However, Seyffart clarified that this approval would be for the 19b-4 approvals, and he was uncertain about the listing timeline.
These meetings are significant because both the Division of Trading & Markets and the Division of Corporate Finance were present. These divisions will ultimately decide whether the Spot Bitcoin ETFs will launch. This suggests progress between the SEC and the issuers.
Before the funds can launch and get listed, they need approval from the Division of Corporate Finance for their S-1 filings. There is a belief that the second approval could come soon after the first, as the S-1s are already being filed and the Division of Corporate Finance is involved early enough.