Bloomberg Intelligence ETF research analyst James Seyffart reports that BlackRock and Grayscale, two major investment major companies with plans to issue a Bitcoin ETF, have recently met with the SEC.
Based on slides that have become public knowledge, Seyffart shows that BlackRock likely prefers in-kind for their offering.
In-kind vs. cash
In highlighting this announcement, the analyst suggests that this decision makes sense as it is likely the cleanest structure for the company and its investors.
The news came alongside a consecutive report that Grayscale, another prominent investment management firm, has also held meetings with the SEC’s division of trading and markets, responsible for approving or denying 19b-4, a form that is used to inform the SEC of a proposed rule change.
Although only the two firms were mentioned by name, Seyffart shares that rumors indicate other potential spot Bitcoin ETF issuers were meeting with the SEC over the last week.
Bitcoin ETF approval coming soon?
News around the release of spot ETFs has continued to spark excitement in the community.
On Nov. 19 it was reported that the XRP community experienced a surge of excitement following the emergence of a filing for a BlackRock iShares XRP Trust on Nov. 13, propelling the token to $0.73. The filing was later proven to be false, as stated by industry commentators, including Bloomberg ETF analyst Eric Balchunas, leading to an immediate sell-off of the asset.
It is clear the crypto community is actively seeking any positive news on ETF issuance to grasp onto, with this announcement being just one more in the waiting period.