BlackRock, the world's largest asset manager, is stepping up its efforts for the launch of a Bitcoin spot Exchange-Traded Fund (ETF), as evidenced by recent amendments to its S-1 filing.
The financial giant has procured a CUSIP, or Committee on Uniform Securities Identification Procedures number, a prerequisite in the lead-up to the ETF launch. CUSIP numbers serve as distinct identifiers for securities issued within the United States.
Beyond this, BlackRock is reportedly ramping up its provisions for Seed Capital, a fundamental infrastructure for launching a new ETF. Seed Capital constitutes assets bought by the issuer itself for the recently launched product to satisfy the prospective demand for ETF shares.
As per regulatory norms, a new ETF requires a minimum of 100,000 shares outstanding at launch. To meet this threshold, ETFs generally initiate with a minimum of $1 million in Seed Capital, with the figure often surpassing $2.5 million. BlackRock's recent moves, as discerned from their amended S-1 filing, indicates the company's preparations for a Bitcoin spot ETF are well underway.