According to a recent SEC filing, BlackRock allocated $100,000 to its Bitcoin ETF in October

BlackRock resubmitted its application to the SEC for a Bitcoin exchange-traded fund.

In a document that was released today, the world-renowned asset management firm BlackRock revealed that it has reapplied to the SEC in order to establish a spot Bitcoin exchange-traded fund (ETF). The filing indicates that on October 27, BlackRock invested $100,000 to seed the new ETF, as per Bloomberg ETF Analyst Eric Balchunas.

An exchange-traded fund (ETF) must first be seeded. Institutional investors or the fund’s sponsor frequently provide the initial infusion of capital for an exchange-traded fund (ETF). For the ETF to be able to buy Bitcoin, this seed money is vital.

Investors would be able to get exposure to Bitcoin via a conventional investment vehicle with the planned “iShares Bitcoin Trust,” which tracks the price of Bitcoin.

There are now thirteen Bitcoin ETFs vying for approval from the SEC, with BlackRock’s offering being one of them. Fidelity, Ark Invest, VanEck, and Bitwise are among the prominent names whose bids are included in the whole list.

Although the number of Bitcoin spot ETF applications has been steadily increasing over the years, the SEC has still rejected a number of them. The regulatory body is worried about possible market manipulation and illegal actions using Bitcoin.

James Seyffart and Balchunas, who work for Bloomberg as ETF analysts, originally estimated that a spot Bitcoin ETF would be approved in January 2024 with a 90% probability.

The important timeframe for any possible Bitcoin ETF approval instructions from the SEC is likely to arrive between January 5th and 10th, as Seyffart further pointed out last week. He said that January 8th, 9th, or 10th would probably be the dates of any judgments. According to CoinGecko, Bitcoin is currently trading at a price below $42,000 after a weekly gain of 12.3%.

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