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"BlackRock to Trim Workforce by 600 in Anticipation of Wednesday's Spot Bitcoin ETF Approval"
Fox Business has disclosed that BlackRock plans to cut 600 jobs as it expects the United States SEC to approve its iShares spot Bitcoin ETF product on Wednesday, Jan. 10.
Read more on: https://thecryptobasic.com/2024/01/08/blackrock-to-cut-600-jobs-as-it-expects-approval-of-spot-bitcoin-etf-on-wednesday/
#blackrockethetf #BitcoinETFApplication #cryptocrurrency #CryptoNewsLand #CryptonewswithJack
Read more on: https://thecryptobasic.com/2024/01/08/blackrock-to-cut-600-jobs-as-it-expects-approval-of-spot-bitcoin-etf-on-wednesday/
#blackrockethetf #BitcoinETFApplication #cryptocrurrency #CryptoNewsLand #CryptonewswithJack
JUST IN:
BlackRock CEO Larry Fink says he's "very bullish on the long term viability of #Bitcoin" 🐂.
#BlackRockCrypto #blackrockethetf #larryflink
BlackRock CEO Larry Fink says he's "very bullish on the long term viability of #Bitcoin" 🐂.
#BlackRockCrypto #blackrockethetf #larryflink
1. 💎 BlackRock's Intended Authorized Participants💎:
BlackRock has disclosed plans to involve JPMorgan Securities and Jane Street as its authorized participants for their proposed spot Bitcoin ETF, pending approval from the SEC.
2. 💎Role of Authorized Participants💎:
APs are entities permitted to create and redeem ETF shares, exchanging them either for a basket of securities reflecting the ETF's holdings or for cash.
3. 💎Monitoring by Bloomberg Analysts💎:
Analysts James Seyffart and Eric Balchunas from Bloomberg Intelligence have been closely tracking new S-1 filings to identify selected firms as APs. This disclosure is seen as a crucial step preceding the SEC's decision.
4. 💎SEC's Expected Approval Criteria💎:
Balchunas mentioned SEC's readiness to approve spot Bitcoin ETF proposals that commit to cash-only creations and redemptions while having agreements with authorized participants.
5. 💎High Likelihood of SEC Approval💎:
Both Balchunas and Seyffart estimate a 90% chance that the SEC will permit some firms to launch a spot Bitcoin ETF in early January.
6. 💎Deadline for SEC Decision💎:
The SEC faces a January 10 deadline for Ark Invest and 21Shares' proposal and could rule on similar plans by other firms by that date. Ark, 21Shares, and VanEck have refiled their S-1s,
but only BlackRock disclosed its chosen APs.
7. 💎Details in Effective Prospectus💎:
Firms are not obliged to name APs until they file the effective prospectus, which contains comprehensive information such as AP details, fees, and other pertinent information.
8. 💎Strategic Significance of AP Selection💎:
The selection of APs is a critical aspect of ETF creation and redemption, impacting liquidity,
narket efficiency, and the overall functioning of the ETF.
9. 💎Industry's Focus on Regulatory Decisions💎:
The analysis of SEC decisions highlight the significant impact that approval or denial of a spot Bitcoin ETF can have on the crypto market and its integration with traditional finance.
#etf #BlackRock’s #blackrockethetf #ETFApprovalWatch
BlackRock has disclosed plans to involve JPMorgan Securities and Jane Street as its authorized participants for their proposed spot Bitcoin ETF, pending approval from the SEC.
2. 💎Role of Authorized Participants💎:
APs are entities permitted to create and redeem ETF shares, exchanging them either for a basket of securities reflecting the ETF's holdings or for cash.
3. 💎Monitoring by Bloomberg Analysts💎:
Analysts James Seyffart and Eric Balchunas from Bloomberg Intelligence have been closely tracking new S-1 filings to identify selected firms as APs. This disclosure is seen as a crucial step preceding the SEC's decision.
4. 💎SEC's Expected Approval Criteria💎:
Balchunas mentioned SEC's readiness to approve spot Bitcoin ETF proposals that commit to cash-only creations and redemptions while having agreements with authorized participants.
5. 💎High Likelihood of SEC Approval💎:
Both Balchunas and Seyffart estimate a 90% chance that the SEC will permit some firms to launch a spot Bitcoin ETF in early January.
6. 💎Deadline for SEC Decision💎:
The SEC faces a January 10 deadline for Ark Invest and 21Shares' proposal and could rule on similar plans by other firms by that date. Ark, 21Shares, and VanEck have refiled their S-1s,
but only BlackRock disclosed its chosen APs.
7. 💎Details in Effective Prospectus💎:
Firms are not obliged to name APs until they file the effective prospectus, which contains comprehensive information such as AP details, fees, and other pertinent information.
8. 💎Strategic Significance of AP Selection💎:
The selection of APs is a critical aspect of ETF creation and redemption, impacting liquidity,
narket efficiency, and the overall functioning of the ETF.
9. 💎Industry's Focus on Regulatory Decisions💎:
The analysis of SEC decisions highlight the significant impact that approval or denial of a spot Bitcoin ETF can have on the crypto market and its integration with traditional finance.
#etf #BlackRock’s #blackrockethetf #ETFApprovalWatch
