The Nasdaq Stock Market LLC submitted a proposal to the Securities and Exchange Commission (SEC) to change the rules for listing and trading the shares of the iShares Bitcoin Trust, allowing for in-kind creations and redemptions. After an amendment was added on February 4, 2025, the SEC decided to extend their review period to have more time to consider this proposal and any related issues. They have set a new deadline of May 13, 2025, to decide whether to approve, disapprove, or further investigate the proposed rule change. This extension gives the SEC more time to ensure they thoroughly evaluate the implications of the rule modification.
Simple Explanation
The Nasdaq Stock Market wants to change some rules about how people buy and sell a special type of stock in a Bitcoin Trust. The group in charge of deciding if this is a good idea, called the SEC, is taking extra time to make sure they fully understand what the change might mean. They've set a new deadline in May 2025 to decide what to do.