Blackrock Pursues SEC Approval for Bitcoin ETF
Blackrock, an investment manager, is actively seeking discussions with the U.S. Securities and Exchange Commission (SEC) in hopes of obtaining approval for its proposed Bitcoin exchange-traded fund (ETF). The firm filed for the ETF in June 2023 and securing approval would provide significant institutional exposure to the crypto industry, given Blackrock’s management of trillions of dollars in investments. According to reports, Blackrock has made obtaining SEC approval a top priority. In just seven business days, the firm held three meetings with Commission officials, indicating their strong commitment to pursuing the ETF.
Grayscale Also Meets with SEC
Grayscale, another firm looking to convert its Grayscale Bitcoin Trust into a spot ETF, also met with the SEC on December 19, 2023. This demonstrates the growing interest among various entities in launching a Bitcoin ETF in the United States.
Bitcoin Whales Reenter Market
Data from on-chain sources reveals that Bitcoin whales reentered the market on December 20, 2023. This development may serve as a catalyst for Bitcoin’s price to reach $44,000. After a decline in the number of wallets holding over 100 BTC over the past two weeks, as many as 22 whale wallets took positions. The question remains whether Bitcoin will recover and surpass its previous high of $44,500 in the coming days.
Hot Take: Growing Optimism for Bitcoin ETF Approval
The increasing number of meetings between firms like Blackrock and Grayscale with SEC officials indicates growing optimism surrounding the approval of a Bitcoin ETF in the United States. If approved, such an ETF could open up significant investment opportunities and further mainstream adoption of cryptocurrencies. As anticipation builds and Bitcoin’s price continues to rise, all eyes are on the SEC as it approaches its decision deadline. The outcome of this decision will undoubtedly have a significant impact on the future of the crypto market.
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