BlackRock Receives SEC Greenlight For Spot Bitcoin ETF Options

bitcoinistPublished on 2024-09-21Last updated on 2024-09-21

Abstract

The United States Securities and Exchange Commission (SEC) has approved BlackRock's proposal to offer options trading for its spot Bitcoin...

The United States Securities and Exchange Commission (SEC) has approved BlackRock’s proposal to offer options trading for its spot Bitcoin ETF (exchange-traded fund).

BlackRock’s ETF Launches Options Trading 8 Months After Debut

On Friday, September 20, the SEC released a notice of approval for options trading for the iShares Bitcoin Trust (IBIT) on Nasdaq. This would come about eight months after the SEC greenlighted the world’s largest asset manager and a dozen other firms’ applications to launch spot Bitcoin ETFs.

Related Reading: BNY Mellon Cleared For Bitcoin Custody And Institutional Crypto Services

Following the spot Bitcoin ETF launch in January, BlackRock quickly followed with a proposal to list and trade options on its product. For context, options are derivatives that give the holders the right to purchase or sell an underlying asset at a predetermined price and time

The regulator’s notice read: 

The Commission is publishing this notice to solicit comments on Amendment Nos. 4 and 5 from interested persons, and is approving the proposed rule change, as modified by Amendment Nos. 1, 4, and 5, on an accelerated basis.

Spot Bitcoin ETF

Source: SEC

It is worth mentioning that other asset management firms, including Grayscale and Bitwise, are also looking to list spot Bitcoin ETFs. Bloomberg analyst Eric Balchunas asserted in a post on X that he expects these firms’ proposals to receive approval in “short order.”

Balchunas added:

Huge win for the bitcoin ETFs (as it will attract more liquidity which will in turn attract more big fish). This is a nice surprise re timing but not a shocker as James Seyffart and I gave 70% odds of approval by end of May.

The Bloomberg analyst also noted that this latest permission to Nasdaq exchange is only one stage of the approval, as the Office of the Comptroller of the Currency (OCC) and Commodity Futures Trading Commission (CFTC) need to validate before trading can officially begin.

What Next For Spot Bitcoin ETFs?

ETF expert Nate Geraci also took to the X platform to weigh in on the latest approval of options trading by the SEC, explaining the next steps for the spot Bitcoin ETFs. The ETFStore president highlighted the positive performance of the crypto products despite certain limitations.

According to Geraci, the introduction of in-kind creation and redemption should be the next milestone for the Bitcoin exchange-traded funds. For context, in-kind creation and redemption refers to the process by which large investors can either create or redeem ETF shares by exchanging them for the underlying asset (Bitcoin, in this scenario).

Related Reading: SEC Vs. Coinbase On Pause: US Regulator Requests 4-Month Fact Discovery Delay

The introduction of in-kind creation and redemption will increase the efficiency of Bitcoin ETF trading, as investors will be able to deposit BTC directly into the fund. This would reduce the cost of investing in the spot Bitcoin ETFs and make them a more attractive investment product.

Spot Bitcoin ETF

The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView
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Opeyemi Sule

Opeyemi Sule

Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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