BlackRock, Nasdaq, SEC Met Regarding Bitcoin ETF

Publish on 20 December 2023

Representatives from BlackRock (BLK), Nasdaq, and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes that are necessary to list the bitcoin (BTC) exchange-traded fund (ETF), according to a published memo.



“The discussion concerned The NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d),” the memo reads.

Nasdaq Rule 5711(d) establishes specific criteria and regulatory guidelines for the listing and trading of Commodity-Based Trust Shares on the Nasdaq Exchange, and detailing the requirements for initial and continued listing, along with surveillance and compliance measures to ensure market integrity and protection against fraudulent activities.

As CoinDesk previously reported, the inclusion of a surveillance-sharing agreement aims to mitigate market manipulation risks associated with crypto trading – something that the SEC is very concerned about.

The groups also met in November to discuss the same topic, according to a published memo. At this November meeting, BlackRock provided a presentation that detailed two models, in-kind and in-cash redemption, for supporting their proposed ETF.

Recently, BlackRock revised its spot bitcoin ETF proposal to include cash redemptions, aiming to meet SEC preferences.

MicroStrategy's Michael Saylor said on a Bloomberg TV appearance this week that the potential bitcoin ETFs might be the biggest Wall Street development in 30 years, possibly triggering a significant bull run for bitcoin in 2024 due to increased demand and a supply shock.


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