Representatives from BlackRock (BLK), Nasdaq and the Securities and Exchange Commission (SEC) met for the second time in a month to discuss rule changes required for the listing of the Bitcoin (BTC) exchange-traded fund (ETF), a published Memo.
“The discussion concerned NASDAQ Stock Market LLC’s proposed rule change regarding the listing and trading of shares of iShares Bitcoin Trust pursuant to Nasdaq Rule 5711(d),” the memo said.
Nasdaq Rule 5711(d) establishes specific criteria and regulatory guidelines for the listing and trading of Commodity-Based Trust Shares on the Nasdaq Exchange and details the requirements for initial and continuing listing as well as monitoring and compliance measures to ensure the Market integrity and market protection against fraudulent activities.
According to a released memo, the groups also met in November to discuss the same issue. At that November meeting, BlackRock gave a presentation detailing two models to support their proposed ETF: in-kind redemption and cash redemption.
MicroStrategy’s Michael Saylor said in a Bloomberg TV appearance this week that the potential Bitcoin ETFs could represent the biggest Wall Street development in 30 years and potentially a significant bull run for Bitcoin in 2024 due to increased demand and a supply shock could trigger.