BlackRock’s Spot Bitcoin ETF Application Acknowledged by the SEC
The United States Securities and Exchange Commission (SEC) has acknowledged BlackRock’s application for a spot Bitcoin Exchange-Traded Fund (ETF). It is worth noting that the update comes only a day after the SEC acknowledged a similar application from Bitwise, one of the investment firms pursuing the product.
BREAKING – The SEC officially acknowledges BlackRock's spot #Bitcoin ETF application 👀 pic.twitter.com/BDM9mpi5xv
— Bitcoin Magazine (@BitcoinMagazine) July 14, 2023
The SEC’s acknowledgment signifies that the regulatory agency has started its formal review of BlackRock’s ETF proposal. While this is only the first step in a lengthy regulatory process, it is a significant milestone for the Bitcoin community. The SEC’s acknowledgment shows a readiness to engage with the concept of a Bitcoin ETF and analyze its possible market impact.
BlackRock Set the Pace
BlackRock Inc’s entry into the spot Bitcoin ETF race is significant due to its stature in the financial industry.
With over $9 trillion in assets under management, BlackRock carries immense influence and credibility. The company’s decision to pursue a Bitcoin ETF highlights the growing acceptance and recognition of cryptocurrencies within the traditional financial sector.
In the wake of BlackRock’s filing for a Bitcoin ETF, a host of other companies including Fidelity Investments, Invesco, WisdomTree also joined the race to offer the same investment product. This move demonstrates the companies’ recognition of the growing demand for regulated Bitcoin investment vehicles and its desire to cater to the needs of its clients.
The competition among these companies to launch the first Bitcoin ETF in the United States is an encouraging sign for the crypto industry. Multiple filings increases the chances of success, as different approaches and proposals allow the SEC to evaluate various strategies and address potential concerns.
BlackRock Sees A Future With Bitcoin Investment
BlackRock, the world’s largest asset manager, has expressed its belief in the future of Bitcoin as an investment. While BlackRock has traditionally been cautious about cryptocurrencies, its recent actions and statements indicate a notable shift in its stance.
BlackRock’s CEO, Larry Fink, has acknowledged the potential of Bitcoin as a store of value. Fink highlighted in an earlier report that its spot Bitcoin ETF registration is a “way to democratize crypto and make it cheaper.” He claims Bitcoin is a global asset and the next gold.
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
