BlackRocks Bitcoin ETF Move: The Billion-Dollar Enigma Unveiled

By Lola Coin Jun 27, 202377Views

Bitcoin’s price has increased by nearly 14% this month due to asset managers like BlackRock filing for a spot bitcoin ETF. The focus now shifts to the U.S. Securities and Exchange Commission’s response and the potential impact of these funds on the broader market and bitcoin’s price if approved. Sui Chung, CEO of CF Benchmarks, which provides the index for the proposed ETFs, discusses the differences in BlackRock’s filing and the size of the potential market for these funds. The filing includes a new element called the Spot BTC SSA, which aims to address the SEC’s concerns about manipulative trading. The approval process for the ETF could take up to 230 days. If approved, the ETFs could attract a large audience, including existing ETF investors and those with cryptocurrency holdings. The ETFs can also provide tax benefits within certain investment wrappers like 401(k)s.

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