On July 16, 2023, the United States Securities and Exchange Commission (SEC) officially received filings for spot Bitcoin Exchange-Traded Funds (ETFs) from financial entities BlackRock and Fidelity. This important move was disclosed by the SEC in a press release.
This represents an essential step in the process, although the SEC could take a considerable amount o fit is not set in stone that the applications received will be accepted or denied.
Asset Managers have previously challenged the Securities and Exchange Commission’s secrecy in relation to the procedure of these applications while Grayscale closed as lawsuit against SEC. Yet, world-leading asset manager, BlackRock, put more stress on the Commission to approve it’s first spot Bitcoin ETF.
Matthew Design, Chief Investment Officer of Bitwise stated about the significance of BlackRock
in the market today, “One must take into account BlackRock carefully and attentively as they comprise one out of the largest ETF issuers globally; they take a calculated and precise way herein.
BlackRock’s CEO Larry Fink communicated in a discourse to CNBC on Friday to attest that cryptocurrencies will shadow several foreign currencies. However, Cathie Wood of ARK Invest assured that BSLK is not likely to get preferential the undertaking of its spot Bitcoin ETF applications.
Nevertheless, from BlackRock’s proactivity fuels hope of the SEC approving of a spot Bitcoin ETF in near future.
