Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

BlackRock Re-Files for Bitcoin Spot ETF as BTC Price Approaches 2023 High

Published 2023-07-03, 04:10 p/m
© Alpha Footage BlackRock Re-Files for Bitcoin Spot ETF as BTC Price Approaches 2023 High
NQU24
-
BLK
-
BTC/USD
-
COIN
-

U.Today - BlackRock (NYSE:BLK), the world's largest asset manager, has its application for a spot Bitcoin exchange-traded fund (ETF), as per the recent Nasdaq update.

The financial giant has joined its rivals Fidelity, WisdomTree, VanEck, and Invesco/Galaxy who have also refiled their Bitcoin ETF applications with the inclusion of Coinbase (NASDAQ:COIN) as the exchange.

The amendment by BlackRock was submitted on June 29, although Nasdaq only published the information recently.

Balchunas added an interesting technical point in his tweet thread, indicating that it was Nasdaq, not BlackRock, that updated the filing. However, the ETF belongs to BlackRock at the end of the day. The analyst's tweet also pointed out that BlackRock's resubmission details an actual agreement with Coinbase, which came into effect on June 16. This is contrary to previous filings that merely expected to enter into a service agreement.

In response to a question about the potential odds of approval by the Securities and Exchange Commission (SEC), Balchunas maintained a 50% likelihood, while his fellow Bloomberg analyst, James Seyffart, leaned slightly more optimistically towards 51%. Just a month ago, this probability was hovering at a mere 1%.

The refiling comes at a time when Bitcoin's price is on the rise, the $31,000 level after a sudden increase in open interest.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.