Did BlackRock Eye 'Quick Buck' With Its Spot Bitcoin ETF Filing? This Economist Thinks So.
Portfolio Pulse from Shanthi Rexaline
BlackRock filed for a spot Bitcoin ETF, iShares Bitcoin Trust, with assets primarily held by Coinbase, which would serve as the custodian. Economist Peter Schiff suggests BlackRock may have an ulterior motive, profiting from news-induced upside by buying the dip in Bitcoin and selling after the news pushes up the crypto.
June 17, 2023 | 6:06 pm
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NEGATIVE IMPACT
The SEC previously rejected Grayscale Investment's application to convert its Grayscale Bitcoin Trust into an ETF.
The SEC's previous rejection of Grayscale Investment's application to convert its Grayscale Bitcoin Trust into an ETF could negatively impact the trust's price in the short term, as it highlights the regulatory challenges faced by spot Bitcoin ETFs.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 40
NEUTRAL IMPACT
BlackRock's spot Bitcoin ETF filing may have an ulterior motive to profit from news-induced upside, according to economist Peter Schiff.
Peter Schiff's suggestion that BlackRock may have an ulterior motive in filing for the spot Bitcoin ETF could raise questions about the company's intentions. However, it is speculative and may not have a significant short-term impact on BlackRock's stock price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
BlackRock's spot Bitcoin ETF filing may have been an attempt to profit from news-induced upside, according to economist Peter Schiff.
Peter Schiff's suggestion that BlackRock may have filed for the spot Bitcoin ETF to profit from news-induced upside could raise questions about the company's intentions. However, it is speculative and may not have a significant short-term impact on Bitcoin's price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Coinbase would serve as the custodian for BlackRock's proposed iShares Bitcoin Trust, holding the majority of the ETF's assets.
Coinbase's role as the custodian for BlackRock's proposed iShares Bitcoin Trust could positively impact its stock price in the short term, as it would increase the company's exposure to the growing cryptocurrency market and potentially lead to increased revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80