BLACKROCK EXPECTS ETF APPROVAL ON10th January 2024

Blackrock, the world’s largest asset manager, reportedly expects its spot #bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust, to be approved by the U.S. Securities and Exchange Commission (SEC) this Wednesday. Reports say, the asset manager has lined up over $2 billion in capital for its spot #bitcoin ETF launch.

Anticipation for the U.S. SEC’s upcoming decision on spot bitcoin ETFs has reached a fever pitch, with analysts predicting that the regulator may approve multiple applications at once early next week. Jan. 10 is the deadline for the SEC to make a decision on the joint spot bitcoin ETF proposal by Cathie Wood’s Ark Invest and 21shares.

While some believe that a decision could come as soon as Monday, Blackrock, the world’s largest asset manager, expects the SEC to approve its spot bitcoin ETF, on Wednesday, according to Fox News.

Currently, 11 spot bitcoin ETFs are vying for approval. Proposals to list and trade all of them were submitted to the securities regulator on Friday. Once the SEC green-lights these proposals, and the issuers sign off on their S-1 filings, the approved spot bitcoin ETFs can begin trading.

Besides Blackrock Bitcoin Trust, the 10 other applicants are Grayscale Bitcoin Trust, Ark 21shares Bitcoin ETF, Bitwise Bitcoin Trust, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF.

Blackrock has lined up over $2 billion for the launch of its Bitcoin Trust. The world’s largest asset manager has named Jane Street/ JPMorgan as the fund’s authorized participants.

Last-minute efforts, such as a letter from Better Markets warning of financial carnage and massive investor harm, aim to compel the SEC to reject spot bitcoin ETFs. Many have dismissed these concerns and remain confident in SEC’s approval. Vaneck’s digital assets director noted last week that investors often overlook the long-term impact of spot #bitcoin ETFs.