BlackRock expects spot Bitcoin ETF approval next Wednesday: Fox Business
Quick Take BlackRock, the world’s largest asset manager, expects the SEC to approve its application for a spot Bitcoin ETF on next Wednesday, according to a report by Fox Business. The company is also expecting to cut 3% of staff, or about 600 jobs.
The wait for the approval of an exchange-traded fund (ETF) that trades bitcoin directly, known as a spot bitcoin ETF, may be over as soon as next Wednesday.
According to a report in Fox Business, BlackRock, the world's largest asset manager and one of the firms vying to bring a spot bitcoin ETF to market, expects its application to be approved next Wednesday.
BlackRock is one of several firms which submitted updated 19b-4 filings on Friday for proposed spot bitcoin ETFs, alongside Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. The Cboe BZX exchange also filed forms for VanEck , WisdomTree , Pando Asset AG and Franklin Templeton last week.
The approval of spot bitcoin ETFs is greatly anticipated by crypto proponents, who wager that the funds could bring billions in fresh funding into the cryptocurrency sector. The price of bitcoin has skyrocketed in recent months, signaling the market's enthusiasm for the prospect of exchange-traded products that hold bitcoin, rather than merely speculate on the price through futures contracts.
Crypto skeptics, meanwhile, have argued that Bitcoin is too volatile and unregulated to support a healthy market. In a letter to the SEC, non-partisan nonprofit Better Markets, which lobbies for increased financial regulation, said that approving the spot bitcoin ETFs would be "a regulatory mistake of historic proportions."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SUI Price Prediction: Can SUI Hold $1.05 and Rally Toward $1.30?
Nomura warns: US stock indices are "seriously distorted", ten stocks contribute 70% of S&P gains, beware diesel brings new shocks
McElligott believes that the S&P 500 is experiencing a "delusional boom": 85% of its constituent stocks have already corrected (one-sixth have been cut in half). What's more dangerous is the current extremely low market correlation, a situation historically seen only on the eve of the 2007 financial crisis and during the 2018 "Volmageddon". The market is facing two major hidden risks: first, OpenAI's revenue shock (only reaching 30% of expectations) threatens the foundation of the AI narrative; second, structural shortages in refining mean that the "diesel crack spread = interest rate volatility", becoming an invisible time bomb.
Trump Reveals Russian Diesel Supply Plan as Oil Markets Face Pressure
XRP Weekly Chart Blue Lines Point to These Long-Term Price Targets
Crypto prices
More
