Representatives from BlackRock and the Nasdaq engaged in discussions with the United States Securities and Exchange Commission (SEC) regarding the proposed rule permitting the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF).

A November 20 SEC memo revealed that BlackRock presented a plan outlining the potential use of either an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The SEC’s response to these models remains undisclosed, leaving uncertainty about the approval of a spot BTC ETF, which has faced numerous delays and rejections. Bloomberg Intelligence’s senior ETF strategist James Seyffart was the first to share the news.

Looks like @BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors)
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn

— James Seyffart (@JSeyff) November 22, 2023

There are indications that the SEC might be nearing a decision, and if approved, it could mark a significant step toward mainstream crypto adoption. Additionally, SEC officials met with Grayscale representatives on Nov. 20 to discuss the company’s pursuit of listing a Bitcoin ETF.

BlackRock CLears Its Stand on Redemption Requirements

As per the filing, BlackRock Inc (NYSE:BLK) also cleared its stand on the redemption requirements, and how would they handle investors willing to exit and redeem their shares.

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Canada-based Bitcoin mining firm Bitfarms has regained compliance with Nasdaq listing requirements, the company disclosed on Monday. It will help recover the share prices of the Toronto Stock Exchange and Nasdaq-listed bitcoin mining firm Bitfarms.

Bitfarms faced potential delisting from Nasdaq after the stock exchange company told the Bitcoin mining firm that the stock price is not in compliance with listing requirements as it continued to trade under $1 for several months. Nonetheless, the recent rally in Bitcoin and rising mining activity pushed Bitfarms shares higher.

Bitfarms Regains Compliance With Nasdaq Listing

According to a press release on May 1, Bitfarms received confirmation on its continued listing from the Nasdaq stock exchange. The Bitcoin mining firm has now regained compliance with the minimum bid price requirement of $1 per share under the Nasdaq Listing Rule 5550(a)(2).

In December, Nasdaq sent a notice to Bitfarms that its stock price has failed to comply with the minimum bid price requirement of $1 per share over 30 consecutive trading days. If the stock price doesn’t recover and trade over $1 for at least 10 days in the next six months, Bitfarms risks delisting.

Several factors including Bitcoin price recovery, Bitcoin ordinals inscriptions NFTs, and macro helped Bitcoin mining firms such as Bitfarms recover from the financial crunch during the bear market.

Bitfarms (BITF) share price fell 4.92% to $1.16 on Friday due to volatility in the crypto market ahead of the pending U.S. Federal Reserve rate hike decision on May 3. However, the recent announcement on regaining compliance will boost stock prices and sentiment among traders.

Also Read: Binance CEO “CZ” Warns Justin Sun & Whales Over Misusing SUI Token Farming

Bitcoin Mined In April

Bitfarms’ BTC production in April dropped 6% year-over-year. As per the Bitcoin mining firm, the recent 52% increase in hashrate was offset by a 61% increase in network difficulty and a 9-day shutdown in Rio Cuarto, Argentina is the reason behind declined production.

“For April 2023, we were cash flow positive from operations after scheduled interest and principal payments. Reflecting improved mining economics, as in March, we sold less BTC than we produced,” said Geoff Morphy, CEO of Bitfarms.

Baitfarms added 30 BTC to its treasury due to increased cash flow from operations, increasing BTC in custody to 465 worth $13.6 million at the current BTC price.

Also Read: Top Exchange Lists Pepe Coin After 200% Rally, Will It Flip SHIB and DOGE?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Shiba Inu coin owners are now buying their way to the Shiba Inu metaverse through selling multiple plots of Shiba land. Shiba Inu developers have announced that the protocol behind the popular meme coin will soon offer plots of virtual land in an upcoming Shiba Inu metaverse.

The concept of metaverse has gained steam in recent months, mostly due to Facebook’s parent company, Meta.

Metaverses are generally defined as a virtual world in which people can interact in the same way they do in the real world, but through the use of digital technology.

How to Buy Land on Shibverse?

Shiba inu fans will not have to wait much longer to own a piece of the dogecoin-themed metaverse that has been created.

Market Insider stated that the developers of the meme cryptocurrency are planning a 10-day sale of digital land in the up and coming “Shibverse” metaverse. This was announced during a Twitter Space session held on Wednesday. 

These 35,000 plots represent only a fraction of the total of 99,000 plots that will make up the Shiba Inu metaverse when it is completed.

Prices will vary depending on the location of the land. Some plots of land will be more expensive than some. Shiba Inu lands that are much closer to the dog park, for example, are said to cost more in price. 

A crypto YouTuber, ArchAngel, stated that users who have the highest locked amounts of Shiba Inu leash token will be able to bid on the largest plots of land available for purchase.

The first phase of selling will include the bidding of the 35,000 plots of land. LEASH token holders will get to buy the land first.

The remaining plot of land will be sold to the second batch of selling. However, Shibverse enthusiasts can only buy it through Ethereum. A wallet can purchase up to 100 parcels of land measuring 10 by 10 feet.

However, the official date the 10-day event has not been announced yet.

Read Also: Metaverse Effect? Canadian Company Buys Virtual Land for $2.5 Million–And It’s for Virtual Fashion Shows!

Impact of Shiba Inu Metaverse on SHIB’s Price

According to CoinMarketCap, SHIB is the 14th most valuable cryptocurrency in terms of market capitalization, with a value of $13 billion.

Shiba Inu price is at $0.00002394. InOctober 2021, the Shiba Inu coin reached its all time high of $0.000088.

As reported by FXempire, the cryptocurrency has indeed been rejected as it came up against the $0.0000275 resistance level twice in the last five days.

As the situation between Russia and Ukraine continues to deteriorate, the behavior of the cryptocurrency market has turned bearish in the previous 24 hours. As a result, according to CoinMarketCap, the total value of the cryptocurrency market has dropped by 10%, from $1.76 trillion to $1.58 trillion.

Nowadays, the movement of the cryptocurrency market continues to be more volatile. While it can be a great opportunity for other people to invest, it can also bring a great loss to those who invested in times where the value drops.

One thing is certain, Shiba Inu’s team is working really hard to ensure that their community and ecosystem continue to expand.

Related Article: Shiba Inu Price Prediction: Can SHIB Spike in 2022 After Latest Price Surge?