BlackRock Bitcoin ETF Confident Will Be Approved By January 2024

Key Points:

• The asset management company is confident in SEC approval for the BlackRock Bitcoin ETF application by January 2024.
• This follows the firm’s registration of an Ethereum Trust in Delaware, signaling its commitment to expanding crypto offerings.
• BlackRock’s entry into the crypto ETF space could have significant implications for the broader market.

In a report shared by Fox Business Network’s Charles Gasparino, BlackRock, a $9 trillion asset management firm, expressed confidence in the approval of the BlackRock Bitcoin ETF application by the U.S. Securities and Exchange Commission (SEC) by January 2024.

BlackRock Bitcoin ETF Confidence in SEC Approval

BlackRock has been among the financial institutions vying to introduce the first Spot Bitcoin ETF in the United States, alongside other notable applicants like Grayscale. While the SEC has several Bitcoin ETF applications under review, BlackRock appears optimistic about its prospects.

Although the exact timeline for the ETF’s implementation remains uncertain, the approval of BlackRock Bitcoin ETF could have a significant impact on the broader crypto market.

Spot ETFs are seen as a means to make cryptocurrency investment more accessible to everyday investors, a mission shared by asset managers like BlackRock and Grayscale. However, the SEC has been grappling with the regulatory implications of such products.

Expanding Crypto Offerings: BlackRock Registers Ethereum Trust

This development follows BlackRock’s recent registration of an Ethereum Trust in Delaware, marking the institution’s commitment to expanding its crypto offerings.

BlackRock’s registration of its iShares Ethereum Trust in Delaware is a pivotal step toward introducing a Spot Ethereum ETF, echoing the firm’s commitment to expanding the scope of cryptocurrency investment products. Bloomberg analyst Eric Balchunas noted that this move marks the “first step towards filing for a spot Ether ETF.”

As Bitcoin and Ethereum remain among the top cryptocurrencies in terms of trade volume and value, BlackRock’s foray into the crypto ETF space is expected to generate considerable interest and could potentially impact the prices of these digital assets in the coming months.

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