BlackRock’s Bitcoin ETF Awaits Green Light: Approval Anticipated This Wednesday
The long-awaited approval for a spot Bitcoin exchange-traded fund (ETF) may finally come this Wednesday.
BlackRock, the world’s largest asset manager and one of the contenders seeking to launch a spot bitcoin ETF, is reportedly expecting its application to be approved, according to a report from Fox Business.
BlackRock is among several firms that submitted updated 19b-4 filings on Friday for proposed spot bitcoin ETFs.
Other companies in the mix include Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco. In addition, the Cboe BZX exchange filed forms for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton last week.
The approval of spot Bitcoin ETFs has been highly anticipated by cryptocurrency enthusiasts, who believe that these funds could attract billions of dollars in fresh investments into the cryptocurrency market.
The price of bitcoin has experienced a significant surge in recent months, reflecting the market’s enthusiasm for exchange-traded products that hold actual bitcoin rather than solely speculating on its price through futures contracts.
However, critics of cryptocurrencies have raised concerns about the volatility and lack of regulation in the bitcoin market.
Non-partisan nonprofit Better Markets, which advocates for increased financial regulation, wrote a letter to the U.S. Securities and Exchange Commission (SEC) stating that approving spot Bitcoin ETFs would be “a regulatory mistake of historic proportions.”
On Wednesday, Bitcoin crashed to as low as $40,000 after a report from Matrixport claimed the SEC is poised to reject spot Bitcoin ETF applications this month.
“Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge
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