Senior executives from %BlackRock (NYSE: BLK) have met with both the Nasdaq exchange and the U.S. Securities and Exchange Commission (SEC) to discuss the approval of the asset manager’s proposed %Bitcoin ($BTC) exchange-traded fund (ETF).
Multiple media reports are citing a publicly disclosed memo from the SEC that mentions the meeting.
The memo reads: “The discussion concerned The NASDAQ Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust under Nasdaq Rule 5711(d).”
Nasdaq Rule 5711(d) concerns the regulatory guidelines for the listing and trading of commodity-based securities and details the requirements for initial and continued listing.
Investors and analysts are taking news of the meeting as a sign that the SEC is preparing to approve BlackRock’s spot Bitcoin ETF and that it could begin trading on the Nasdaq exchange early in 2024.
The memo detailing the meeting has surfaced days after BlackRock revised its spot Bitcoin ETF proposal to include cash redemptions, something that the SEC prefers and had requested.
%Cryptocurrency prices have been rallying since October on expectations that spot Bitcoin ETFs will soon be approved in the U.S., potentially drawing in billions of dollars in new capital.
Several other asset managers have also applied to launch spot Bitcoin ETFs, including Fidelity Investments and Ark Invest.
The price of Bitcoin has risen 160% in 2023 and currently trades at $43,150 U.S.