SEC APPROVES ISHARES BITCOIN SPOT ETF, REPORTEDLY

UPDATE 10/23/2023: BlackRock listed on Depository Trust & Clearing Corporation (DTCC) signaled preliminary approval or preparation for approval by the SEC for iShares spot Bitcoin ETF (NASDAQ: $IBTC).

CoinTelegraph jumped the shark and incorrectly reported on Twitter this morning (10/16/2023) that there was SEC approval of iShares ETF sending Bitcoin over $29K in morning trading (US).

The 8% $BTC pump provides a glimpse into the Price Action immediately following an ETF approval even though this event was falsely reported.

Trading activity spiked and $BTC shot up during this ~30 minute timeframe.

2 million views and ~30 minutes later, Cointelegraph edited the post adding the word “REPORTEDLY” since an official source wasn’t cited.

10 minutes later we learned that the post had been deleted when we tried to comment about the Bitcoin news false start.

About an hour after the initial tweet, an apology was issued:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.

An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.

https://twitter.com/Cointelegraph/status/1713925876969017792

At the time of this post, the Securities and Exchange Commission (SEC) has NOT approved the iShares Bitcoin ETF per the EDGAR filings on grounds that applicants have not shown they can protect investors from market manipulation.

The SEC has had quite a week signaling on 10/13/2023 that they MAY NOT appeal a District of Columbia Court of Appeals ruling in favor of Grayscale Investments’ spot ETF.

There is general optimism in the crypto space that 1 or more number of the ETF existing applications may be approved by the January 2024 deadline for ARK Investments.

This story is developing.