Contradictory news of potential greenlit BlackRock Bitcoin ETF shoots BTC to $30k and back Contradictory news of potential greenlit BlackRock Bitcoin ETF shoots BTC to $30k and back
Unverified rumors of BlackRock's Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
1 min read
Updated: Oct. 16, 2023 at 10:19 pm UTC
AI GENERATED IMAGE VIA DALL-E 3
Despite earlier reports, the U.S. Securities and Exchange Commission (SEC) has not yet approved the iShares Bitcoin ETF.
The news was shared by key sources in the industry, including Bloomberg analyst Eric Balchunas and Cointelegraph. According to the SEC filings page, no update has been verified by CryptoSlate.
Many report the news as ‘fake’ following attempts to ratify the information. Fox reporter Eleanor Terrett claims that her sources at BlackRock denied the approval.
The SEC had delayed its verdict on multiple proposed rule changes, including those from Fidelity (Wise Origin), VanEck, WisdomTree, and Invesco. These firms aimed to introduce a spot Bitcoin ETF via the Cboe BZX Exchange.
The regulator had also postponed decisions on Valkyrie Investments and BlackRock (iShares) that aim to offer ETFs via Nasdaq, along with Bitwise, which plans to launch its ETF via NYSE Arca—the SEC had set most of these decisions for Oct. 17, with Valkyrie set for Oct. 19 and Bitwise scheduled for Oct. 16.
It remained uncertain whether the SEC would further delay its decisions once the set deadlines were met. The past experiences of the companies mentioned above, who had their previous Bitcoin ETF applications rejected by the SEC, cast a shadow over the process. The potential for the SEC to reject the latest series of ETF proposals in October would have initiated a new cycle of applications, approvals, delays, and rejections.
Reportedly, Grayscale’s intent to convert its GBTC fund to an exchange-traded fund has also contributed to general optimism, demonstrating the potential for future approvals.
Mentioned in this article
Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Latest US Stories
Latest Bitcoin Stories
Featured Story
Advertise Here
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.