BlackRock and Fidelity’s Spot Bitcoin ETF Filings Are Unclear and Incomprehensive, SEC Says

It has been just revealed that BlackRock and Fidelity’s BTC ETF filings are not clear, and not comprehensive enough. Check out the latest reports about this below.

According to a recent report by The Wall Street Journal, the U.S. Securities and Exchange Commission (SEC) has expressed concerns regarding BlackRock and Fidelity’s applications for a Bitcoin (BTC) exchange-traded fund (ETF).

The regulatory agency reportedly informed Nasdaq and the Chicago Board Options Exchange (CBOE), who submitted the applications on behalf of the companies, that they are unclear and incomplete.

According to reports, some experts monitoring the situation predicted that BlackRock’s proposal, which involves sharing “surveillance” of a Bitcoin ETF with Nasdaq, would satisfy the SEC.

This ETF would allow investors to buy and monitor Bitcoin through a brokerage, similar to stocks and commodities like gold.

The regulatory agency rejected the filings as they did not specify the name of the Bitcoin ETF that needed to have a surveillance agreement, nor did they provide details on how the agreement would work.

Bloomberg’s senior ETF analyst, Eric Balchunas, believes that this could be seen as positive news.

“Basically [the] SEC wants them to name the ‘crypto exchange’ and give more details on [surveillance agreement]. That’s understandable, arguably good news. I was under [the] impression they’d have to update that as well.”

A new NFT collection called BlackRock, which combines the concept of EtherRock with the branding of investment giant BlackRock, has already accumulated a total trading volume of 398 ETH or $749,000.

This follows BlackRock’s recent filing for a Bitcoin ETF, although the investment firm has no association with the NFT project, as stated in the collection’s OpenSea profile. EtherRock was initially launched in 2017 as a collection of 100 rocks. During the NFT frenzy, prices for its NFTs soared as high as $1.8 million.

The BlackRock meme collection has 999 individual NFTs that are selling at a floor price of 0.245 ETH, which is worth about $462 as of publication time. The collection sold out on June 21, 2023. This recent activity caused it to be trending on OpenSea.