Bitcoin Surges Over $45,000 as BlackRock and Leading Firms Signal ETF Approval

08. Jan 2024 Posted by Guest on News

Bitcoin made a fleeting surge past $45,000 following amendments filed by prominent entities such as BlackRock Inc., Ark, and other potential exchange-traded fund (ETF) issuers. Analysts interpret this move as a concerted effort to finalize the introduction of these investment products. Notable firms like Fidelity, Invesco, Galaxy Digital, and WisdomTree also submitted amended S-1 applications to the SEC. Speculation within the crypto industry suggests that the SEC might make a series of decisions around Jan. 10, the deadline for action on at least one of these applications.

BlackRock, the largest global asset manager, reportedly anticipates approval from the U.S. Securities and Exchange Commission (SEC) for its spot Bitcoin ETF, the iShares Bitcoin Trust, on the upcoming Wednesday. Reports indicate that BlackRock has amassed over $2 billion in capital for the launch of its spot Bitcoin ETF. Anticipation surrounding the SEC's decision on spot Bitcoin ETFs has escalated, with industry analysts foreseeing the regulator approving multiple applications simultaneously early next week. The Jan. 10 deadline looms for the SEC to rule on the joint spot Bitcoin ETF proposal presented by Ark Invest and 21shares.

While some foresee a potential decision as early as Monday, BlackRock, holding firm as the world's largest asset manager, envisions SEC approval for its iShares Bitcoin Trust on Wednesday, as reported by Fox Business.

Currently, there are 11 spot Bitcoin ETFs seeking approval. All proposals for their listing and trading were submitted to the securities regulator on Friday. Once the SEC greenlights these proposals and the issuers endorse their S-1 (prospectus) filings, the approved spot Bitcoin ETFs can initiate trading.

In addition to BlackRock's iShares Bitcoin Trust, the remaining 10 applicants are Grayscale Bitcoin Trust, Ark 21shares Bitcoin ETF, Bitwise Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF.