BlackRock Adjusts Schedule For Bitcoin ETF Seeding
The anticipation surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) has led BlackRock, the world’s largest asset manager, to adjust its schedule. Initially, BlackRock planned to purchase $10 million worth of BTC on January 3rd through its affiliate, Seed Capital Investor. However, recent reports confirm that BlackRock has rescheduled this purchase for January 5th.
To prepare for the launch of the Bitcoin ETF, Seed Capital Investor purchased Seed Shares on October 27, 2023. These shares were later redeemed for cash in January, and the company proceeded to purchase the Seed Creation Baskets at the same per-share price.
BlackRock’s decision to adjust the schedule is not surprising given that regulatory approvals and compliance processes require careful consideration.
Bitcoin ETF Approval Odds Surge On Polymarket
Data from the prediction market Polymarket reveals a surge in traders’ confidence regarding the approval of a Bitcoin ETF by the US SEC before January 15. The contract price on Polymarket currently stands at 89 cents, indicating an 89% probability of approval. This figure has significantly increased from 50% just last month.
Polymarket is a decentralized prediction market platform where users can speculate on various events. Traders have staked $437,394 on the SEC’s approval of the Bitcoin spot ETF before the mid-January deadline.
The increase in contract price and traders’ confidence reflects growing optimism about a Bitcoin ETF gaining regulatory approval. Such approval could attract institutional investors and further legitimize the cryptocurrency market.
The contract price on Polymarket is not merely speculative sentiment but backed by real investments made by traders who believe in a positive outcome.
Hot Take: Bitcoin Price Climbs as BlackRock Adjusts Schedule for Bitcoin ETF Seeding
As the January 15 deadline approaches, market participants will closely monitor updates from the SEC and continue to trade on prediction platforms like Polymarket. The price of Bitcoin has already climbed to $45,200 with a 7% uptrend in just 24 hours ahead of the potential approval of these index funds.
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