Buy $GGsBlackrock Positions $2B for Imminent US Bitcoin ETF Approval
While things look all but set for the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETF, investment management firm Blackrock is apparently making moves behind the scenes in preparation for ETF trading. In the recent weeks, Blackrock has been one of the most aggressive applicants to have met the SEC’s requirements as well holding discussions on the potential approval.
Also Read: Bitcoin ETF Launch On January 11?: Bloomberg Analyst Hints
Blackrock Has $2 Billion Worth BTC Ready For Existing Holders
According to Matthew Sigel, the Head of Digital Assets Research at Van Eck, reportedly quoted a source as saying that the firm has $2 billion of capital ready to be routed to its ETF from existing Bitcoin holders who would like to rotate into the spot Bitcoin ETFs in the first week of trading. This could be a temporary resort from the firm to get things started in the initial trading sessions, after which a long term strategy to acquire BTC based on the demand its iShares spot Bitcoin ETF attracts.
This comes amid widespread expectations around the spot Bitcoin ETF approval around January 9 or 10, 2024, while Bloomberg analysts revealed that the SEC officials are getting all the applicants ready for a Bitcoin ETF launch on January 11, 2024. The US SEC faces a deadline on January 10, 2024, before which it has to deliver a decision on the approval of the Ark 21Shares Bitcoin ETF.
Paperwork All But Done
Earlier, BlackRock’s iShares, Valkyrie Bitcoin Fund, Bitwise, Grayscale, Hashdex, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Franklin Templeton and ARK 21Shares have made submissions on 19b-4 amendments for the ETF applications. This means the paperwork has reached the final stages before the SEC officially gives the nod for the first ever spot Bitcoin ETF in the United States.
Also Read: Bitcoin Halving Nears 100 Day Countdown; BTC Price Rally To Begin?
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