According to a report on October 18, BlackRock, the largest asset manager in the world, revised its prospectus for the spot Bitcoin Exchange-Traded Fund (ETF) with the strict United States Securities and Exchange (SEC).
BlackRock Updates Bitcoin ETF Application
The asset management proposed specific adjustments to their iShares Bitcoin Trust, one of which was to acknowledge the fierce competition in the fight for approval.
The applicant said that even if their product was approved, there was no guarantee that it would gain traction and market acceptability right away because of competition. They also went over the reporting system and price structure.
BlackRock’s Bitcoin ETF Change Boosts Prices: Bull Run in Sight?,BlackRock’s Bitcoin ETF Change Boosts Prices: Bull Run in Sight?
Roughly one month has passed since BlackRock resubmitted their application in July 2023, according to changes made to its prospectus.
The petitioner then disclosed the monitoring agreement they had signed with Coinbase Custody and Nasdaq. Now that BlackRock has joined Ark Invest, Fidelity has also had to make clarificational modifications.
Fidelity is now the other noteworthy candidate. Over the years, the financial institution has supported Bitcoin. Fidelity gave business clients the ability to use their 401(k) retirement plans to invest in Bitcoin in 2020.
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Fidelity unveiled a Bitcoin trading platform for private investors this year. Fidelity refiled documentation for its Wise Origin Bitcoin Trust with the SEC in June 2023. But Fidelity too had to update its application, highlighting the dangers of the intricate Bitcoin derivative product.
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The cryptocurrency community is optimistic and believes that in the next months, most likely in 2024, the SEC will accept many spot Bitcoin ETF applications that have been filed by the elite in traditional finance. The community is anxious since the precise timing is yet unknown.
An exchange that is licenced will enable investors to trade the listed shares of a spot Bitcoin ETF, which will follow the price of Bitcoin directly. As a result, users—especially institutions—would find it much simpler to learn about Bitcoin without having to purchase and hold onto coins.
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Once one or more products are approved by the SEC, a former executive at BlackRock projected that the Bitcoin market will draw in at least $150 billion in three years.
October 19 saw a short increase in Bitcoin prices above $28,500, matching October 16 gains. It’s unclear, though, if the surge is related to BlackRock revising their prospectus or to the overall positivity in the Bitcoin and cryptocurrency communities.
BlackRock’s Bitcoin ETF Change Boosts Prices: Bull Run in Sight?,BlackRock’s Bitcoin ETF Change Boosts Prices: Bull Run in Sight?,BlackRock’s Bitcoin ETF Change Boosts Prices: Bull Run in Sight?, Bitcoin Crypto news, Bitcoin News