Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
January 8, 2024

BlackRock Expecting SEC To Approve Bitcoin ETF on January 10th: Report

By Alex Richardson

BlackRock, the largest asset manager in the world, is reportedly anticipating that regulators approve its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) this week.

Fox Business reports that BlackRock is expecting the U.S. Securities and Exchange Commission (SEC) to green light its BTC ETF application this Wednesday, January 10th.

ADVERTISEMENT

If approved, the ETF will be the first time that the public stock market will feature a crypto investment product that directly tracks the spot market price of Bitcoin.

BlackRock recently tapped JPMorgan, the biggest bank in the US, and trading firm Jane Street to be authorized participants (APs) for the ETF. An AP is an organization, typically a large bank, that has the power to create and redeem shares of a particular ETF.

Bloomberg analyst Eric Balchunas says that the naming of APs isn’t required on S-1 filings, so BlackRock adding them may have been a power play.

“Just to be clear: the AP names weren’t due in S-1s, so BlackRock adding them in there is a bit of a flex in that regard. So if we see other S-1s not naming AP doesn’t mean they don’t have one lined up. But this does make BlackRock the first horse officially ready in my opinion.”

ADVERTISEMENT

Other than BlackRock, asset managers including ARK Invest, Valkyrie and Wisdom Tree are also hoping for approvals on their ETF applications.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DreamStudio