The filings for Bitcoin ETF Spot have been returned
Are the latest updates receiving approval from the head of the regulatory agency in the United States or are they still being rejected?
The BlackRock Spot Bitcoin ETF, along with other organizations, has resubmitted its application. A few weeks ago, the investment giant with over $10 trillion in AUM, BlackRock, revealed that they had filed with the SEC to approve a Bitcoin ETF.
A new chart indicates that the BlackRock iShares Bitcoin Trust, along with all other Bitcoin ETFs, has been resubmitted. Other filings include companies such as Cathie Wood’s ARK Invest, Bitwise, VanEck, Fidelity, and Valkyrie Investments.
In a recent interview with CNBC, BlackRock CEO Larry Fink expressed his hope that regulators view the Bitcoin ETF filings as a way to democratize cryptocurrencies.
Fink’s public advocacy for SEC approval reveals a lot about the company’s intentions.
The most esteemed name in asset management is vying for a Bitcoin ETF, putting pressure on the SEC to approve a pivotal moment for cryptocurrencies as a mainstream investment class.
According to analyst James Seyffart from Bloomberg Intelligence, it is unlikely that only BlackRock would be approved, if approval is indeed granted. Instead, he stated that the SEC would want to avoid a “kingmaking” situation, essentially steering clear of allegations of favoritism.
This scenario suggests that once one domino falls, the rest will also be approved. The potential significance of this is a significant increase in price, considering the scarcity of Bitcoin and the sudden influx of approved Bitcoin ETFs.