BlackRock Submits Updated S-1 for Bitcoin ETF
According to Bloomberg analyst James Seyffart, BlackRock has submitted an updated and amended S-1 for their Bitcoin exchange-traded fund (ETF). This suggests that BlackRock is actively working to navigate the regulatory landscape and gain approval for their Bitcoin ETF.
BlackRock Plans $3 Million Seed Funding
BlackRock, along with Hashdex and Pando Asset, has submitted revised S-1 filings. As part of their plans, BlackRock intends to allocate $10 million in seed funding for its spot Bitcoin ETF on January 3. While this doesn’t guarantee an immediate launch, it indicates progress towards a potential launch in the near future.
Seeding a financial product before its launch demonstrates confidence among applicants. VancEck is also working towards seeding its ETF product.
Expectation of Spot Bitcoin ETF Approval
Analysts anticipate the approval of spot Bitcoin ETFs by January 10. Bloomberg analyst Seyffart even suggested that approval could come as soon as next week.
Bitcoin Whales Return to Accumulation
Data shows that Bitcoin whales re-entered the market on December 20, potentially influencing the BTC price to reach $44,000. The number of whale wallets holding over 100 BTC had been declining over the past two weeks.
Institutions Poised for a Strong Push
Bitwise Asset Management has already started marketing its Bitcoin ETF products. Popular Bitcoin evangelist Anthony Pompliano anticipates that the approval of a spot Bitcoin ETF will trigger a significant marketing campaign by institutions targeting Bitcoin.
Hot Take: Institutions Ready to Promote Bitcoin ETFs
The submission of an updated S-1 by BlackRock for their Bitcoin ETF indicates ongoing efforts to gain regulatory approval. With expectations of spot Bitcoin ETF approvals in the near future, institutions like Bitwise Asset Management are already preparing for a marketing blitz. The approval of a Bitcoin ETF is anticipated to trigger the most extensive marketing campaign in the history of finance, with institutions investing millions in promotional efforts specifically targeting Bitcoin.
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