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

Blackrock ETF

The Securities and Exchange Commission (SEC) has agreed to take extra time to consider BlackRock’s proposal to allow options to trade on a Bitcoin ETF that tracks the current price of Bitcoin. This type of trading allows investors to wager on the future price of Bitcoin without really owning it. The SEC has pushed the decision date to April 24. BlackRock’s request is not the only one awaiting an answer. The SEC is likewise taking its time on identical petitions from Cboe Exchange, Inc. and Miax Pearl LLC.

Examining the Decision-making Process in Detail

The SEC made this decision public on March 6, noting that it needs more time to review Nasdaq’s rule modification proposal. Nasdaq ISE proposed on January 9 to enable trading options on the iShares Bitcoin Trust. The idea was made available for everyone to examine and comment on by January 25, and five comments were received.

According to the guidelines, the SEC has 45 days from the date of publication to make its decision. They could extend it to 90 days if necessary, which they did. The initial deadline was March 10, but it has been postponed to April 24. The SEC claimed that this delay allowed them adequate time to study the proposal and make an educated conclusion.

BlackRock’s Bitcoin Strategy Expands

While awaiting the SEC’s judgment, BlackRock is not sitting idle. The business has filed fresh filings with the SEC to purchase more Bitcoin ETFs. They intend to incorporate these into the Global Allocation Fund. The filing implies that BlackRock intends to invest in Bitcoin ETFs that are formally listed and traded on recognized national exchanges.

BlackRock is a major player in the Bitcoin ETF industry. Their current Spot BTC ETF is performing incredibly well, fueling a rise in interest in Bitcoin ETFs. Bitcoin ETFs have performed at extraordinary levels over the last week, with records broken practically every day. The price of Bitcoin has remained stable at roughly $68,000 since the beginning of the week, indicating robust market performance.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.

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