BlackRock updates its Bitcoin spot ETF application

The SEC and the world's largest asset manager continue to negotiate for a Bitcoin spot ETF. Approval is not expected until January 2024.

BlackRock has updated its application for the Bitcoin Spot ETF, according to multiple media reports. The SEC insists that the cash method be used for custody. BlackRock and other candidates wanted direct custody of the cryptocurrency. A compromise solution now appears to have been reached.

90% already approved in January

These adjustments show that the SEC and the candidates are in constant dialogue. According to analysts at Bloomberg, the prediction would be 90 percent of Bitcoin Spot ETF to be approved by Jan. 14, 2024, and most likely all candidates will obtain the license at the same time. Obtaining a license could further drive up the price, as billions of US dollars of institutional money are predicted to flow into the market. The Bitcoin exchange rate is currently trading at about $41,500. It has risen about 13 percent in the past seven days.