2024

Bitcoin

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<p class="is-style-lead">The U.S. Securities and Exchange Commission granted approval for Nasdaq to list and trade options on BlackRock’s iShares Bitcoin Trust.</p> 
<p>Per the details shared in the <a href="https://www.sec.gov/files/rules/sro/ise/2024/34-101128.pdf" target="_blank">official filing</a> on Sept. 20, the SEC’s approval comes after a lengthy review process that started on Jan. 9, 2024. That was when Nasdaq initially filed the proposal to trade options on exchange-traded products.</p> 
<p>Nasdaq consistently followed up on its proposal with multiple amendments, which began on Jan 11. Over the following months, the exchange submitted additional amendments and information regarding IBIT and other Bitcoin-based (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) ETPs.</p> 
<h3 class="wp-block-heading" id="sec-s-approval-involved-multiple-stages-of-review">SEC’s approval involved multiple stages of review</h3> 
<p>After almost eight months of review, the <a href="https://crypto.news/sec-charges-rari-capital-for-misleading-investors-unregistered-activity/" target="_blank">SEC</a> finally gave the greenlight for Nasdaq’s proposal. The commission stated that the exchange even proposed to modify its rules to list and trade options on IBIT.</p> 
<p>According to the official filing, options on IBIT will be physically settled in BTC. Nasdaq also highlighted that IBIT options will be under the exchange’s continued listing standards.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“Options on IBIT will be subject to the Exchange rules that currently apply to the listing and trading of all ETF options on the Exchange,” the filing reads.</p> 
</blockquote> 
<h3 class="wp-block-heading" id="crypto-analysts-say-decision-is-bullish">Crypto analysts say decision is bullish</h3> 
<p>Reacting to the SEC’s decision, several key crypto traders and analysts took to X to share their opinion. Crypto trader Ash Crypto <a href="https://x.com/Ashcryptoreal/status/1828472237537513589" target="_blank">tweeted</a> that this is ultra bullish.</p> 
<p>Senior <a href="https://crypto.news/?s=ETF" target="_blank">ETF</a> analyst Eric Balchunas also shared details of the approval on X. Balchunas tweeted his assumption that others will be approved in short order.</p> 
<p>See below.</p> 
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   <p lang="en" dir="ltr">OPTIONS APPROVED: SEC has just granted accelerated approval for the listing and trading of options on <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$IBIT</a>. Here's the full approval. h/t <a href="https://twitter.com/News_Of_Alpha?ref_src=twsrc%5Etfw" target="_blank">@News_Of_Alpha</a> <a rel="" href="https://t.co/NxcnzvuPmA" target="_blank">https://t.co/NxcnzvuPmA</a> <a rel="" href="https://t.co/mtShgrMrwc" target="_blank">pic.twitter.com/mtShgrMrwc</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1837240128588169587?ref_src=twsrc%5Etfw" target="_blank">September 20, 2024</a>
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<p>Balchunas also pinpointed this as a huge win for the Bitcoin ETFs, stating that this will attract more liquidity. However, he highlighted the fact that this is “just one stage of approval.”</p> 
<p>The proposal still needs approval from the OCC and CFTC before the official listing.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I'm assuming others will be approved in short order. Huge win for the the bitcoin ETFs (as it will attract more liquidity which will in turn attract more big fish). This is nice surprise re timing but not a shocker as <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" target="_blank">@JSeyff</a> and I gave 70% odds of approval by end of May. <a rel="" href="https://t.co/a8mUGLOcKG" target="_blank">pic.twitter.com/a8mUGLOcKG</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1837242504552534091?ref_src=twsrc%5Etfw" target="_blank">September 20, 2024</a>
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<p>“I’m assuming others will be approved in short order,” Balchunas added, calling it a “huge win” for Bitcoin ETFs “as it will attract more liquidity which will in turn attract more big fish.”</p> 
<p> Read more: <a rel="" href="https://crypto.news/solana-flips-ethereum-on-a-key-metric-nft-sales-jump/"> Solana flips Ethereum on key metric as NFT sales jump </a> </p>

SEC greenlights options trading for BlackRock’s iShares Bitcoin trust

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