Crypto Optimistic BlackRock Edges Closer to Bitcoin ETF Despite Increased SEC Scrutiny Of The Industry
Portfolio Pulse from Jose Rodrigo Safdiye
BlackRock, the world's largest asset manager, is reportedly nearing an application for a Bitcoin ETF despite increased SEC scrutiny on the crypto industry and Bitcoin's price below $25K. The company has been increasing its exposure to Bitcoin through its 8.10% stake in MicroStrategy.
June 15, 2023 | 4:56 pm
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BlackRock is reportedly nearing a Bitcoin ETF application, signaling its bullish stance on Bitcoin despite increased SEC scrutiny and the cryptocurrency's underperformance.
BlackRock's move to apply for a Bitcoin ETF demonstrates its confidence in the cryptocurrency's potential, which could attract more investors and boost its stock price. However, increased SEC scrutiny on the crypto industry may pose challenges.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
BlackRock will reportedly use Coinbase Custody for its Bitcoin ETF and the crypto exchange's spot market data for pricing.
BlackRock's decision to use Coinbase Custody for its Bitcoin ETF could increase the demand for Coinbase's services and potentially boost its stock price. However, the ongoing SEC lawsuit against Coinbase may pose challenges.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
BlackRock has increased its exposure to Bitcoin through its 8.10% stake in MicroStrategy, the largest corporate holder of Bitcoin.
BlackRock's increased exposure to Bitcoin through MicroStrategy could lead to more investors considering MicroStrategy as a reliable proxy for Bitcoin exposure, potentially boosting its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80