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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

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.

Contradictory news of potential greenlit BlackRock Bitcoin ETF shoots BTC to $30k and back

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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 Arcaโ€”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.

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