A spot Bitcoin (BTC) exchange-traded fund (ETF) was recently filed for by the world’s biggest asset manager, BlackRock (NYSE: BLK), and the company’s remarkable track record of ETF approvals has since become public knowledge.
Interesting fact: BlackRock has a perfect 575-1 record with the SEC in terms of having ETFs authorised. They don’t mess around, which is why this is so massive.
BlackRock had 574 exchange-traded funds (ETFs) authorised by the watchdog until it denied its request to launch an actively managed ETF that wouldn’t be subject to daily holdings reports in October 2014.
Meanwhile, the SEC has launched many cases against large corporations in the crypto field, thus the timing of the new action is bad for cryptocurrencies in the US. Coinbase, the cryptocurrency exchange in the crosshairs of the SEC, will serve as the trustee of the proposed Bitcoin trust.
His last remark was to ARK Invest and 21Shares’ third effort to get an exchange-traded fund (ETF) approved for spot Bitcoin trading, after SEC rejections in March 2022 and January 2023.
BlackRock’s chairman and CEO Larry Fink has been vocal about his firm’s interest in the cryptocurrency sector. In March, Finbold reported that Fink said BlackRock was actively exploring “the digital assets ecosystem and tokenization of stocks and bonds” due to the growing demand for digital assets like Bitcoin in developing economies.
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