BlackRock has received funding from seed investors for its Bitcoin exchange-traded fund (ETF). according to Submitted yesterday.
The world’s largest fund manager received $100,000 in capital from investors who bought shares in the iShares Bitcoin Trust on October 27, according to the filing.
Seed capital investors initially fund ETFs to launch them and trade them on stock exchanges.
BlackRock is the largest and most prestigious Wall Street firm to file with the U.S. Securities and Exchange Commission to launch its own spot Bitcoin ETF. Regulators currently have a number of applications to review.
ETFs are funds that allow investors to purchase stocks that track the price of an underlying asset such as gold, foreign currency, or cryptocurrency. Spot Bitcoin ETFs hold Bitcoin and provide investors with exposure to the digital asset.
However, it has not started trading in the US yet. The SEC has always rejected applications for these investment vehicles, often citing the potential for market manipulation.
But BlackRock sent shockwaves through the cryptocurrency world. applied again in June; Analysts said the move was a game-changer because it meant traditional investors would demand cryptocurrency exposure and BlackRock would rarely reject ETF applications. price of bitcoin shut up Following the announcement.
Billionaire BlackRock CEO Larry Fink Praise In a television interview, he called Bitcoin an “international asset” that “digitizes gold.”
ETF analysts are now confident that the SEC will soon approve a spot Bitcoin ETF for trading in January.
Editor Guillermo Jimenez
