The U.S. Securities and Exchange Commission (SEC) has postponed its review of BlackRock's proposed Bitcoin Premium Income ETF, a move that underscores ongoing regulatory caution in the cryptocurrency sector. The delay, attributed in part to a prolonged government shutdown, extends the decision timeline under Nasdaq's Rule 5711(d), with the next ruling not expected before 2025—specifically, a new deadline set for December 31.
This ETF, designed to offer yield through a covered-call strategy by investing in spot Bitcoin and writing options on Bitcoin ETPs like IBIT, aims to provide institutional investors with income-generating exposure to Bitcoin. However, the deferment impacts strategies for yield-seeking institutions and reflects broader hesitancy in regulatory adoption of crypto assets. Market analysts, including Eric Balchunas of Bloomberg, note that such delays are expected, with final deadlines likely in October 2025 or later.
Concurrently, Bitcoin's price has tumbled below $100,000, trading at approximately $99,431 amid increased selling pressure and options expirations. Trading volume surged by 40%, while futures open interest showed mixed signals, highlighting market volatility. Analysts warn that Bitcoin must hold above $98,000 to prevent further declines, as the ETF delay contributes to uncertainty in digital asset markets.
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