Over time, Blackrock has had bold moves vis a vis ETF Bitcoin. And on the same, the US Securities and Exchange Commission (SEC) is on the verge of giving the green light to a spot Bitcoin ETF. Meanwhile, behind the scenes, BlackRock, an investment management firm, is actively gearing up for ETF trading. Over the past few weeks, BlackRock has positioned itself as one of the most assertive applicants. The company has met the SEC’s requirements, prompting discussions of potential approval. They are allocating $2 billion in anticipation of upcoming approval for a US Bitcoin ETF. BlackRock Allocates $2 Billion Ahead of US Bitcoin ETF Approval as they confidently move forward.
Blackrock Holds $2 Billion in BTC for Current Investors
Matthew Sigel, Head of Digital Assets Research at Van Eck, revealed the firm has $2 billion in reserved capital. Van Eck has reserved funds specifically for its ETF initiative. Current Bitcoin holders plan to transition into new spot Bitcoin ETFs. This shift will likely happen during the inaugural trading week. BlackRock allocates $2 billion in anticipation of the upcoming approval for a US Bitcoin ETF to help bolster confidence.
This temporary measure could serve as an initial boost for the firm in the early trading sessions, paving the way for a more extensive strategy to acquire BTC based on the demand generated by its iShares spot Bitcoin ETF.
As we approach January 10, there is, therefore, a lot of anticipation regarding the approval of the spot Bitcoin ETF. Bloomberg analysts have hinted that SEC officials are actively preparing all applicants for a potential Bitcoin ETF launch. The launch is expected to take place on January 11, 2024. Meanwhile, the US SEC faces significant deadline pressure regarding this decision. By January 10, 2024, the SEC must decide on the approval of the Ark 21Shares Bitcoin ETF. Consequently, BlackRock allocates $2 billion, sensing the market will react positively to this upcoming approval for their US Bitcoin ETF.
How is the Paperwork?
Beforehand, iShares from BlackRock, along with Valkyrie Bitcoin Fund, Bitwise, Grayscale, Hashdex, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Franklin Templeton, and ARK 21Shares, have all submitted 19b-4 amendments for their ETF applications. “BlackRock allocates $2 billion in anticipation of the upcoming approval for a US Bitcoin ETF” would be shorthand to its strategists.
This shows that the paperwork is now in the last phases, with the SEC gearing up to officially approve the very first spot Bitcoin ETF in the United States.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
