BlackRock, the world’s largest asset manager, has taken another shot at launching a spot Bitcoin ETF, resubmitting its application to Nasdaq.
BlackRock has joined a growing list of financial giants who have resubmitted their Bitcoin ETF applications with Coinbase as a surveillance-sharing agreement (SSA) partner, including Fidelity, WisdomTree, VanEck, and Invesco/Galaxy.
BlackRock applied its Bitcoin ETF application on June 29, but Nasdaq recently made the information public.
This suggests that the amendment is significant and that Nasdaq is taking its time to review it.
The SEC was not satisfied with the Bitcoin ETF applications filed in June. The main reason was that the applications did not specify that the spot Bitcoin exchange would be part of the SSA for the ETFs.
It was expected by the industry that the exchanges would choose Coinbase since it is the biggest and most liquid Bitcoin exchange in the world. Concerns have been expressed over Coinbase’s legal dispute with the SEC, though.
The SEC has the power to make or break the spot Bitcoin ETF market. The industry is anxiously awaiting the regulator’s decision.
Money managers are betting that the SEC will eventually approve a Bitcoin spot ETF, and they are not going to give up until they succeed.