BlackRock’s Bitcoin ETF Approval Likely as SEC Ordered to Review Grayscale’s Application
Speculation about BlackRock launching a Bitcoin spot ETF in the US has driven prices to rally for the second consecutive week. While several companies have recently filed applications with the SEC, BlackRock is not necessarily leading the race. The US Court of Appeals has ordered the SEC to review Grayscale’s ETF application after deeming its previous rejection as “arbitrary and capricious.” Bloomberg ETF expert Eric Balchunas noticed interesting changes in BlackRock’s amended prospectus, including acknowledgment of competition and detailed explanations of pricing and reporting mechanisms.
MicroStrategy’s Bitcoin War Chest Goes Back in Green
MicroStrategy, crypto’s largest institutional whale, saw its $5 billion Bitcoin holdings turn profitable this week. The cloud software company has been reaping the rewards of its significant investment in crypto.
Public Funds Surge and Darkweb Money Flows
On Monday, public funds experienced an upward trend, according to a screenshot shared on Twitter. Additionally, blockchain sleuth @ZackXBT detected substantial darkweb money flows, with an entity moving around 4800 BTC ($144 million) from Abraxas darknet market.
BlackRock’s iShares Bitcoin Trust Ticker Listed and Removed
A ticker for BlackRock’s iShares Bitcoin Trust (IBTC) briefly appeared on the Depository Trust & Clearing Corporation (DTCC)’s list but was then removed. It was later added back to the DTCC’s ETF list, creating speculation around BlackRock’s involvement in the crypto market.
BlockFi Emerges From Bankruptcy
Crypto lender BlockFi announced its emergence from bankruptcy after filing for it shortly after FTX. The company’s bankruptcy plan has become effective, signaling its recovery.
House Majority Whip Tom Emmer Shows Support for Trump
Republican and House Majority Whip Tom Emmer expressed his clear support for Donald Trump in the upcoming Presidential elections, highlighting their strong working relationship.
Whistleblower Allegations Against 3AC Co-founders
An account claiming to be a whistleblower made allegations against 3AC co-founders Su Zhu, Kyle Davies, and CoinFLEX founder Mark Lamb. The accusations included the misuse of creditor assets for personal gain.
Ryder Ripps and Jeremy Cahen Ordered to Pay Damages
Ryder Ripps and Jeremy Cahen were unsuccessful in convincing a US District Judge that they did not illegally appropriate Yuga Labs’ trademarked Bored Ape Yacht Club (BAYC) franchise. As a result, they have been ordered to pay over $1.5 million in damages and transfer control of the RR/BAYC smart contract to Yuga Labs.
Hot Take: BlackRock’s Bitcoin ETF Approval Imminent
The recent developments surrounding BlackRock’s ETF application suggest that the approval of a Bitcoin spot ETF in the US is highly likely. With increasing competition and detailed explanations provided in the amended prospectus, BlackRock is positioning itself to enter the race for ETF approval. This news has sparked optimism in the crypto market, driving prices up for two consecutive weeks. If approved, BlackRock’s entry into the crypto market could have significant implications for mainstream adoption and investment in Bitcoin.
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