Do Recent Announcements From BlackRock Suggest Bitcoin ETF Is Imminent?

October 24, 2023 12:31 pm Comments

The crypto world is abuzz with rumors that the BlackRock Bitcoin ETF is right around the corner.

Indeed, recent developments such as the BlackRock Bitcoin ETF finding its way onto the DTCC website, complete with a ticker symbol, have set the rumor mill ablaze.

Additionally, the world’s largest hedge fund has announced a seed funding phase for the long-anticipated ETF. Crypto Reviewing explained:

“Not only does this confirm BTC is being bought heavily…But it also confirms the ETF is only a matter of time now.

An ETF being approved will allow users to invest and trade into BTC through traditional markets, rather than Crypto exchanges.

This will make BTC WAY more accessible to standard investors and in turn, should rocket the demand and price of BTC. All of this interest in Crypto, by large institutions, could be one of the key catalysts for the next Bull Run.”

Brandley Bartlett, a member of the crypto community, provided this update: “In their latest update regarding the spot Bitcoin ETF, BlackRock has revealed their plans to seed the ETF in October.”

Coin Speaker had more details:

One of the intriguing aspects of this development is that BlackRock intends to self-fund its Bitcoin spot ETF.

Scott Johnsson, an investor at Van Buren Capital, discovered this self-funding approach in BlackRock’s S-1 amendment and shared a relevant excerpt.

This revelation indicates that BlackRock is willing to assume all the risks as a “statutory underwriter” in the creation of the ETF.

In response to the recent developments, Bitcoin’s price jumped to well over $33,000, though it remains to be seen if these gains are sustainable or if a return to the downside is coming.

However, WaleWire reported on Tuesday morning: “The ticker for BlackRock’s spot Bitcoin ETF, IBTC, has just been removed from the DTCC website.”

This suggests that the Securities and Exchange Commission (SEC) told BlackRock and the DTCC to remove the listing because the Bitcoin ETFs will not be approved.

Decrypt added:

BlackRock, which manages $9.5 trillion in assets, last week filed its amendment to the SEC. Applications for ETFs go through a number of drafts, which usually get amended and re-filed after feedback from the commission, before they’re officially approved or rejected.

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