BlackRock Engages with SEC and Nasdaq on Spot Bitcoin ETF Listing Guidelines

In recent deliberations, there has been extensive discourse surrounding Nasdaq’s proposition for an amendment to its regulations, specifically aiming to facilitate the listing and trading of a spot Bitcoin ETF. This proposed modification falls under the purview of Nasdaq Rule 5711(d), marking a significant stride in the evolving landscape of digital asset investment vehicles within traditional financial markets.

In December, BlackRock convened with Nasdaq and the U.S. Securities and Exchange Commission (SEC) for a subsequent meeting, delving deeper into the proposal for a spot Bitcoin ETF, currently valued at $43,470.

During the session, the provisions of Nasdaq Rule 5711(d) were deliberated upon, outlining the stipulations for both the initial listing and ongoing presence of commodity-linked trust shares on Nasdaq. This regulation sets forth clear criteria and compliance protocols, underpinned by robust surveillance frameworks, all aimed at upholding market trustworthiness and shielding stakeholders from fraudulent activities.

Prior to this meeting, there had been prior discussions concerning the potential listing of a spot Bitcoin ETF on trading platforms. On November 20, BlackRock and Nasdaq engaged in a dialogue with the SEC regarding a prospective regulation for the inclusion of a spot Bitcoin ETF. During this interaction, BlackRock presented insights on leveraging either an in-kind or in-cash redemption framework for the iShares Bitcoin Trust.

On December 14, the SEC convened with asset management representatives advocating for a spot Bitcoin ETF. Notably, representatives from SEC Chair Gary Gensler’s team participated in the session, deliberating on the suggested regulatory amendment that would enable prominent exchanges to host the ETF.

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