$$BTC #BTC BlackRock CEO Larry Fink recently spoke about the rumored approval of the company's Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). The news initially reported by Cointelegraph was later withdrawn. Fink highlighted the growing global interest in cryptocurrencies and mentioned conversations with global clients about the importance of this asset. After the news, the value of Bitcoin rose significantly, but soon returned to the level of US$28,000. Fink believes the increase is due more to global issues, such as tensions in the Middle East, than the rumor itself.
In June, BlackRock, with assets of approximately $9 trillion, applied to the SEC for a Bitcoin ETF. If approved, the company's iShares Bitcoin Trust will allow investors to gain exposure to Bitcoin without the need for direct purchase by tracking its market price. However, BlackRock is not the only one seeking this approval. Companies such as Grayscale, Fidelity and CBOE have had their applications denied by the SEC. Fink expressed in July the company's intention to democratize access to cryptocurrencies, making them more financially accessible.
There are other ETFs that provide indirect exposure to Bitcoin, such as the Bitwise Crypto Industry Innovators ETF, ProShares Bitcoin Strategy ETF, and Wisdomtree Enhanced Commodity Strategy ETF.
