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Betting On Bitcoin: SEC Opens Floor For Opinions On BlackRock ETF Options



The U.S. Securities and Exchange Commission (SEC) has opened the floor for public input regarding a Nasdaq proposal, which seeks to enable options trading on BlackRock‘s BLK spot Bitcoin BTC/USD ETF.

The public comment period, set to last for 21 days, was announced through a filing posted Friday.

According to the filing, “The Exchange proposes to amend Options 4, Section 3, Criteria for Underlying Securities, to allow the Exchange to list and trade options on iShares Bitcoin Trust (the ‘Trust’) as a Unit deemed appropriate for options trading on the Exchange.”

Bloomberg Intelligence ETF research analyst James Seyffart noted the SEC’s swift action on the proposal, a departure from its usual pace.

Seyffart, in a Friday post, said, “The SEC has already acknowledged the 19b-4’s requesting the ability to trade options on spot #Bitcoin ETFs. This is faster than SEC typically moves. Options could be approved before the end of February if SEC wants to move fast?”

Noted crypto analyst Amiri Corbyn told Benzinga that having the ability to trade a valuable asset with ease for normal consumers is a necessity to allow for diversification and choice in investments.

Corbyn added that restricting the trade of assets or limiting their accessibility only makes it harder for a prudent investor to be able to acquire such assets.

“By allowing ease of investing in assets such as Bitcoin and Ethereum ETH/USD it will only allow for more freedom. Investing is important, the vehicles we give for those investments to take place are equally as important,” 

This development comes shortly after BlackRock received SEC approval last week to list its iShares Bitcoin Trust, a spot Bitcoin ETF, which saw substantial inflows of $145.5 million on Thursday alone.

Also Read: Grayscale Bitcoin Trust Faces $1.5B Exodus, JPMorgan Says Fee Is ‘Too High’

Attention is also turning towards Ethereum ETFs.

Major financial firms, including BlackRock and Fidelity, are competing for the approval of a spot Ethereum ETF.

The SEC has recently extended its decision deadline on Fidelity’s proposal to March 5. Fidelity’s application for the Fidelity Ethereum Fund, submitted in November, highlighted a past court ruling.

The ruling criticized the SEC for its inconsistent stance on rejecting spot crypto ETFs while approving futures-based products.

The SEC’s call for public comments on the Nasdaq proposal and the ongoing developments in the crypto ETF space mark significant steps in the evolving landscape of cryptocurrency trading and regulation.

Read Next: Bitcoin ETFs Are A Bust One Week In: Why This Analyst Says ‘R-E-L-A-X’

Photo: Shutterstock



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