SCOOP: US SEC Delays BlackRock Bitcoin Premium Income ETF

The U.S. Securities and Exchange Commission (SEC) has delayed BlackRock Bitcoin Premium Income ETF.

The decision comes as the commission works with limited staff due to the prolonged government shutdown.

Meanwhile, the broader crypto market continues to crash. Bitcoin price has tumbled below $100K amid massive selling pressure.

BlackRock Bitcoin Premium Income ETF Among Filings Postponed by the US SEC

According to the latest release by the US SEC, the commission has delayed all ETPs and proposed rule changes that were filed just before the government shutdown.

These include the filings that have their 45th day falling in November.

The BlackRock iShares Bitcoin Premium Income ETF filing is among those delayed US SEC. It has its 45th day falling on November 16.

Notably, the commission has postponed it to the 90th day. This is beyond the 75-day deadline under the Generic listing standards.

The SEC will decide on the BlackRock Bitcoin Premium Income ETF on December 31. The commission claims it is appropriate due to the government shutdown.

No Auto-Approval for BlackRock iShares Bitcoin Premium Income ETF?

BlackRock filed for the iShares Bitcoin Premium Income ETF after the U.S. SEC passed the Generic Listing Guidelines for crypto ETPs. This is an actively-managed exchange-traded product.

It followed a filing by Nasdaq to list and trade BlackRock Bitcoin Premium Income ETF under the commodity-based trust rule 5711(d).

Notably, the SEC has approved amendments to Rule 5711(d) to adopt generic listing standards for commodity-based trust shares.

Further, the Generic listing standards apply to passively managed commodity-based trust shares.

As the ETF meets all other requirements under the Generic listing standards, Nasdaq seeks approval under the 5711(d).

The ETF will provide income by selling BTC call options to generate yield. It will invest primarily in spot Bitcoin and IBIT, cash, while also writing options on IBIT or indices tracking spot Bitcoin ETPs.

Bitcoin Price Plunges Below $100K

Bulls failed to hold Bitcoin price above $100, with the price trading at $99,431 at the time of writing. The 24-hour low and high were $99,257 and $103,557, respectively.

Trading volume increased by 40% as investors moved to sell their holdings, while some bought the dip. The decline primarily came as crypto options expired today.

Meanwhile, CoinGlass data showed mixed sentiment in the derivatives market. The total BTC futures open interest jumped 0.55% to $69.52 billion in the last 24 hours.

BTC futures OI on CME dropped more than 2% and climbed 2% on Binance. Analysts believe it needs to hold $98K to prevent a deeper fall.