BlackRock Seeks SEC Approval for ETF Changes

BlackRock, the global asset management leader, has made a strategic move by submitting an amended application to the U.S. Securities and Exchange Commission (SEC) for its iShares Bitcoin ETF (IBIT) and iShares Ethereum ETF (ETHA). This application, dated September 29, aims to align these ETFs with new general listing standards, following BlackRock’s success in surpassing Deribit as the leading platform for Bitcoin options.

What is Nasdaq Planning?

BlackRock’s submission reveals that Nasdaq plans to list iShares Bitcoin Trust and iShares Ethereum Trust ETFs under these revised general standards. Subject to approval, these ETFs will operate under standard regulations, replacing the unique conditions initially applied. Furthermore, Nasdaq has requested the SEC to grant a waiver from the five-day waiting period usually required by rule 19b-4(f)(6)(iii). These modifications are anticipated to be effective starting the first quarter of 2026.

Who Else Is Involved?

Notably, the CBOE BZX Exchange filed a similar request on September 27. Prominent asset managers like Fidelity, VanEck, and 21Shares have also petitioned the SEC for their Bitcoin and Ethereum ETFs to be governed by these new standards. As of October 1, the timeframe for approving crypto ETFs has been reduced from 240 days to 75 days, bypassing the requirement for independent 19b-4 applications for listing spot commodity-based ETFs.

Simultaneously, the SEC has shown progress in the approval processes for altcoin ETFs, retracting delay notices for Solana, XRP, Hedera, Litecoin, and Cardano.

Is BlackRock Outpacing Deribit?

BlackRock’s Bitcoin ETF has indeed attracted considerable institutional interest following the SEC’s endorsement of options trading. Recent Bloomberg data indicates that IBIT’s open position surged to a notable $38 billion by the close of the month, overtaking Deribit’s $32 billion, showcasing a shift towards Wall Street’s dominance in the crypto derivatives space.

Adding to this momentum, last week’s $23 billion options expiration significantly boosted IBIT’s trading volume. The assets managed by the ETF now amount to $87.71 billion, affirming its position as the largest Bitcoin ETF globally. Meanwhile, the SEC’s decision on permitting staking within Ethereum-based spot ETFs is pending.

“Our efforts are geared towards creating a more inclusive and standardized framework for crypto ETFs,” stated a BlackRock spokesperson.

– BlackRock’s ETF now controls $87.71 billion in assets, maintaining its dominance.
– New listing rules will reduce ETF approval times from 240 to 75 days.
– CBOE BZX and major asset managers also seek alignment with revised standards.

Following the latest developments, Cryptoappsy reports Bitcoin’s current market price at $113,347, reflecting the ongoing shifts in the crypto investment landscape. Investors and market participants keenly watch as BlackRock and other asset managers push for a more integrated and efficient ETF environment.