BlackRock Secures $100K Seed Funding For Proposed Spot Bitcoin ETF
Portfolio Pulse from Navdeep Yadav
BlackRock Inc. (NYSE:BLK) has received $100,000 in seed funding for a proposed spot Bitcoin ETF, as per an SEC filing. The investment, made in October, involved the purchase of 4,000 shares at $25 each by an anonymous investor. The fund, named 'iShares Bitcoin Trust,' will directly invest in Bitcoin rather than Bitcoin futures. The SEC is anticipated to approve spot Bitcoin ETFs in early 2024, with Bloomberg analysts estimating a 90% chance of approval by January 2024. Bitcoin's price recently surpassed $40,000, influenced by expectations of the SEC's approval of a Bitcoin Spot ETF.
December 05, 2023 | 9:47 am
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BlackRock Inc. has secured seed funding for its proposed spot Bitcoin ETF, indicating progress in its cryptocurrency-related offerings and potential future revenue streams.
The news of securing seed funding for a Bitcoin ETF demonstrates BlackRock's commitment to expanding into the cryptocurrency space, which could attract investor interest and potentially increase the stock price in the short term. The anticipation of SEC approval for spot Bitcoin ETFs also adds positive sentiment.
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