Blackrock Bitcoin ETF Has $2 Billion of BTC Prepared for Trading
While everything seems set for the U.S. Securities and Exchange Commission (SEC) to approve the spot Bitcoin ETF, investment management firm Blackrock is apparently making moves behind the scenes in preparation for ETF trading. In recent weeks, Blackrock has been one of the most aggressive applicants meeting the SEC’s requirements and engaging in discussions regarding potential approval.
So read: Will Bitcoin ETF Launch on January 11?: Tips from Bloomberg Analysts
Blackrock’s $2 Billion BTC Is Ready for Current Holders
According to Matthew Sigel, Head of Digital Assets Research at Van Eck, reportedly quotation The firm has $2 billion of capital ready to be directed to its ETF from existing Bitcoin holders who want to switch to spot Bitcoin ETFs in the first week of trading, a source said. This could be a temporary fix for the firm to kick things off in the initial trading sessions, followed by a long-term BTC buying strategy based on the demand attracted by the iShares spot Bitcoin ETF.
This comes amid widespread expectations that Bitcoin ETF approval will occur around January 9 or 10, 2024. Bloomberg analysts announced that SEC officials have prepared all applicants for the Bitcoin ETF launch on January 11, 2024. It comes at a time when the US SEC is facing a deadline. It is due to make a decision regarding the approval of the Ark 21Shares Bitcoin ETF on January 10, 2024.
All Paperwork Completed
Previously, BlackRock’s iShares, Valkyrie Bitcoin Fund, Bitwise, Grayscale, Hashdex, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Franklin Templeton and ARK 21Shares had filed applications regarding the 19b-4 amendments to ETF applications. This means paperwork is reaching the final stages before the SEC gives official approval for the first spot Bitcoin ETF in the United States.
So read: Bitcoin Halving Approaches 100-Day Countdown; Will BTC Price Rise Begin?
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Anvesh reports important crypto updates regarding US regulations and market moving trends. Over 1,200 articles on crypto and blockchain have been published so far. I proudly left the University of Massachusetts at Lowell. It can be reached at: [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
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