Fund Managers Prep for Bitcoin ETFs Launch
Fund managers prepared for the launch of spot Bitcoin ETFs (exchange-traded funds) with Bitwise unveiling the first ETF advertisement and BlackRock adjusting its application to allow cash redemptions and naming a ticker for its BTC ETF.
Bitwise Asset Management launched an ad featuring actor Jonathan Goldsmith, popularly known as the “Most Interesting Man in the World” in Dos Equis beer commercials.
The advertisement signals growing confidence among leading fund managers that the SEC is on the brink of approving spot Bitcoin ETFs.
Investor Bob Loukas noted that the ongoing discussions between regulators and fund managers indicate that spot Bitcoin ETFs are as good as approved.
BlackRock’s Bitcoin ETF Advances
BlackRock made a significant step forward toward launching its spot Bitcoin ETF by implementing cash creation and redemption mechanisms for investors, representing a move the SEC prefers. The amendment allows for possible future implementation of an in-kind mechanism, pending regulatory approval.
BlackRock and ARK 21Shares are now in agreement to issue cash redemptions until in-kind redemptions are approved by the SEC.
Initially, BlackRock had proposed an in-kind redemption model, but the SEC had concerns. The latest developments have addressed those concerns, and BlackRock’s spot Bitcoin ETF got the ticker IBIT.
Hot Take: The Future of Bitcoin ETFs
The launch of spot Bitcoin ETFs is imminent, with leading fund managers and investment giants like BlackRock showing increasing confidence in the SEC’s approval. The industry is rapidly shifting gears to prepare for the launch, and the evolving regulatory landscape indicates that spot Bitcoin ETFs are well on their way to becoming a reality.
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