BlackRock files for an updated Bitcoin ETF, 'iShares Bitcoin Trust', joining major contenders, with Bloomberg analysts expecting SEC approval in Jan 2024.
The world's largest asset manager, Blackrock has filed an updated application to launch a Bitcoin ETF. The "iShares Bitcoin Trust" is aimed at tracking Bitcoin's price, offering traditional investment access to BTC. Bloomberg ETF analyst revealed that a seed investor also invested $100,000 in the fund as initial capital back in October.
If approved, the ETF would be one of many, joining proposals from Ark Invest, Bitwise, VanEck, and Fidelity. However, due to concerns about market manipulation, the SEC has rejected many Bitcoin ETF applications in the past.
Bloomberg ETF analysts have predicted a high chance of Bitcoin ETF approval in January 2024. They anticipate potential SEC approval decisions between January 5th-10th, with the most likely dates being January 8th-10th.
Currently, Bitcoin's price is below $42,000, but it has increased by 12.3% over the past week according to data from Coinpaprika.