Spot Bitcoin ETF Approval In Focus As Blackrock Gears Up For Record Launch
Blackrock, the world’s largest asset manager, anticipates approval for its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust, from the U.S. Securities and Exchange Commission (SEC) this Wednesday.
Reports suggest that Blackrock has secured over $2 billion in capital for the anticipated launch of its spot bitcoin ETF. The SEC is facing a deadline of January 10 to decide on the joint spot bitcoin ETF proposal from Cathie Wood’s Ark Invest and 21shares. Analysts speculate that the regulator might approve multiple applications simultaneously early next week.
If the SEC approves, issuers will finalize their S-1 filings, allowing 11 spot bitcoin ETFs, including Blackrock’s Ishares Bitcoin Trust, to commence trading. The list of applicants also includes Grayscale Bitcoin Trust, Bitwise Bitcoin Trust, Vaneck Bitcoin Trust, and others. Despite last-minute warnings, many remain confident in the SEC’s approval, emphasizing the potential long-term impact of spot bitcoin ETFs, as highlighted by Vaneck’s digital assets director.
Clever Robot News Desk 8th January 2024
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