BlackRock 'Increasingly Confident' About SEC's Approval Of Its Spot Bitcoin ETF: Report
Portfolio Pulse from Benzinga Neuro
BlackRock (NYSE:BLK), the world's largest asset manager, is reportedly 'increasingly confident' that the SEC will approve its spot Bitcoin ETF by January 2024. A former BlackRock manager suggested that such approval could lead to $200 billion flowing into Bitcoin markets, potentially raising Bitcoin's price to $330,000. The SEC is expected to decide on twelve ETFs by November 17, with experts predicting a 90% chance of approval by January 10, 2024. Additionally, BlackRock has registered an iShares Ethereum Trust, indicating a possible future application for a spot Ethereum ETF.
November 11, 2023 | 2:50 am
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BlackRock's confidence in the SEC's approval of its Bitcoin ETF by January 2024 could positively influence investor sentiment, potentially increasing the stock's value in the short term.
The news of BlackRock's optimism regarding the SEC's approval of its Bitcoin ETF is significant for the company, as it could lead to increased investment in BlackRock's offerings and potentially enhance its reputation in the cryptocurrency space. The anticipation of approval may attract investors looking to capitalize on the growth of the crypto market through traditional investment vehicles.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80