BlackRock, the world’s largest asset manager, is currently filing for a bitcoin (BTC) Exchange-Traded Fund (ETF). An important part of this process took place today. It invested millions of dollars in the fund in preparation.
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BlackRock aims for a good Bitcoin ETF start
According to sources on X (formerly Twitter) BlackRock is expected to buy $10 million worth of bitcoin if ‘pre-seedingof the fund. This would be a major milestone for the acceptance of bitcoin as a legitimate and valuable asset by traditional financial institutions. The investment from BlackRock, a company with more than $9 billion in assets under management, could be a major endorsement for the digital currency.
BlackRock’s plans were revealed in December last year. However, today the time has finally come: the $10 million purchase should take place on January 3. On December 23, market research analyst James Seyffart posted on X highlighting BlackRock’s plans. Seyffart added in the post that the document mentioning the purchase of bitcoin (BTC) has not yet been finalized, approved or “effective.” He noted that the purchase of bitcoin does not necessarily mean the launch of the ETF will happen, but BlackRock may be preparing.
Before this — SEED MOVEMENTS DO NOT MEAN LAUNCH
Looking like BlackRock is *planning* to make moves on Jan 3rd. They’re seeding the ETF with $10 million. But maybe means BlackRock would be expecting a launch to happen shortly after? pic.twitter.com/PknXs5B2TP
— James Seyffart (@JSeyff) December 22, 2023
According to Seyffart, the mention of the January 3 date is just a tease: “Also, of course, they (BlackRock) are clearly teasing us by throwing that date in there because it is the date of the Genesis block.” By this, Seyffart is referring to the date that the first block of bitcoin was mined, exactly 15 years ago.
Mutual struggle
Another analyst, Eric Balchunas, shared this late last year his opinion about the purchase of another asset manager. For example, Bitwise planned to invest not $10 million, but $200 million. According to Balchunas, this would “blow away BlackRock’s plans.”
“This will contribute significantly in the early stages of the race. Although no designated party has yet been named, this is likely to be announced soon,” concluded the Bloomberg analyst.
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2024-01-03 21:13:47
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