There are the following new developments regarding BlackRock’s Bitcoin ETF application:

The U.S. Securities and Exchange Commission (SEC) has accepted BlackRock’s Bitcoin ETF application, marking the beginning of regulatory review. However, although the SEC has accepted the application, that does not mean it will ultimately approve it. In the past, the SEC has rejected many Bitcoin ETF applications. However, some analysts believe that since BlackRock is the world's largest asset management company, its application may have a greater chance of success.

Some believe that if BlackRock’s Bitcoin ETF is approved, it could unlock wealth worth $30 trillion. This is because the approval of a Bitcoin ETF could bring significant institutional investment into Bitcoin and the cryptocurrency market as a whole.

BlackRock has resubmitted its application documents for a Bitcoin ETF via Nasdaq to add new details to its exchange-traded fund proposal.