Asset management giant BlackRock has taken a significant step in its pursuit of a spot Bitcoin Exchange Traded Fund (ETF) approval by submitting an amended prospectus to the United States Securities and Exchange Commission (SEC).
Notably, BlackRock is the third major player to make amendments to its spot Bitcoin ETF application this week, following in the footsteps of Ark Invest and Fidelity. This move underscores the intense competition in the race to secure regulatory approval for a Bitcoin spot ETF.
In its latest amendments, BlackRock has acknowledged the fierce rivalry within the market and has provided enhanced insights into the pricing and reporting mechanisms of its proposed Bitcoin ETF product.
BlackRock initially filed its “iShares Bitcoin Trust” ETF application back in June, highlighting that the custodian for the fund’s bitcoin assets would be Coinbase Custody Trust Company, while the Bank of New York Mellon would handle the Trust’s cash holdings.
The asset management giant is currently locked in a competitive race with seven other applicants, each vying to secure the coveted status of being the first to obtain approval for a spot Bitcoin ETF. Notably, BlackRock’s competitors include Grayscale, which stands as the largest Bitcoin trust fund.
Grayscale recently made headlines when it achieved a legal victory against the SEC after the agency rejected its application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. The court’s judgment was highly critical of the SEC’s stance, and the agency chose not to contest the ruling.
Furthermore, BlackRock has included amendments related to the pricing details of its ETF in the updated prospectus, offering specific information on how the pricing source is determined in the Trust’s periodic financial statements. These adjustments also encompass accounting specifications, specifically referring to “Level 1 input according to ASC Topic 820.”