BlackRock’s recent filing for a bitcoin exchange-traded fund (ETF) could be a significant milestone in the adoption of bitcoin by institutional investors, according to Ark Invest. The filing, which took place on June 15, has inspired other asset managers such as Invesco, WisdomTree, and Valkyrie to follow suit and attempt to launch their own bitcoin funds. Ark Invest had previously filed for a similar fund in April. One notable aspect of BlackRock’s filing is its collaboration with Nasdaq to establish a unique surveillance-sharing agreement aimed at preventing market manipulation related to bitcoin. Despite this, Ark Invest believes that other applicants will be able to include similar agreements in their filings without incurring significant costs. The price of bitcoin has experienced a notable surge since the BlackRock filing, increasing by 15.3% in the past week. CoinShares has also reported substantial inflows into crypto investment products, with $199 million entering the market last week, with the majority of that being allocated to bitcoin.
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