BlackRock Applying for Spot Bitcoin-ETFs could be a “significant turning point on bitcoin’s path to institutional acceptance.” This was stated by ARK Invest analyst Yassin Elmanjra in an interview with The Block.
According to the expert, the company’s decision to create an exchange-traded fund based on the first cryptocurrency signals that “major players are positive about the long-term prospects of the digital asset.”
Following BlackRock, management companies WisdomTree and Invesco also applied for SEC to launch Bitcoin ETF. Organizations have already tried to implement the initiative in 2021.
To date, the Commission has rejected almost all applications: an exception was made for ProShares and Valkyrie Investments, which are based on bitcoin futures on the Chicago Mercantile Exchange.
“While this is very similar to previous ETF filings, BlackRock worked with Nasdaq to highlight its offering with a unique joint oversight agreement designed to mitigate the market manipulation risk associated with bitcoin,” Elmanjra said.
In October 2021, Grayscale Investments filed a petition to convert a digital gold-based trust into a spot bitcoin ETF. On December 17, the SEC delayed its decision on the application, and in February 2022 again postponed the date on this issue. On June 30, Grayscale sued the regulator after a negative response.
Recall that on June 21, the quotes of the first cryptocurrency exceeded the level of $30,000. This happened against the backdrop of news from BlackRock.
The Wall Street Journal has accused SEC Chairman Gary Gensler of a “confusing” approach to accepting a spot bitcoin ETF.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
BlackRock Applying for Spot Bitcoin-ETFs could be a “significant turning point on bitcoin’s path to institutional acceptance.” This was stated by ARK Invest analyst Yassin Elmanjra in an interview with The Block.
According to the expert, the company’s decision to create an exchange-traded fund based on the first cryptocurrency signals that “major players are positive about the long-term prospects of the digital asset.”
Following BlackRock, management companies WisdomTree and Invesco also applied for SEC to launch Bitcoin ETF. Organizations have already tried to implement the initiative in 2021.
To date, the Commission has rejected almost all applications: an exception was made for ProShares and Valkyrie Investments, which are based on bitcoin futures on the Chicago Mercantile Exchange.
“While this is very similar to previous ETF filings, BlackRock worked with Nasdaq to highlight its offering with a unique joint oversight agreement designed to mitigate the market manipulation risk associated with bitcoin,” Elmanjra said.
In October 2021, Grayscale Investments filed a petition to convert a digital gold-based trust into a spot bitcoin ETF. On December 17, the SEC delayed its decision on the application, and in February 2022 again postponed the date on this issue. On June 30, Grayscale sued the regulator after a negative response.
Recall that on June 21, the quotes of the first cryptocurrency exceeded the level of $30,000. This happened against the backdrop of news from BlackRock.
The Wall Street Journal has accused SEC Chairman Gary Gensler of a “confusing” approach to accepting a spot bitcoin ETF.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!