#BTC BTC is trading at its highest level since last May as researchers tip that the highly anticipated spot Bitcoin exchange-traded fund from the world’s largest asset manager, BlackRock, may be seeded this month.

On Oct. 23, Scott Johnson, a finance lawyer, flagged that an updated BlackRock filing indicated the firm may move to seed its iShares Bitcoin Trust with cash this month. Eric Balchunas, senior ETF analyst at Bloomberg, said the filing indicates BlackRock expects to launch the fund in the near future.

“Seeding an ETF is when initial funding is provided… to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in [the] open market on day one,” Balchunas tweeted. “Seeding is typically not a lot of money, just enough to get [an] ETF going… the fact they doing it and disclosing it shows another step in the process of launching.”