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. Millions of dollars were invested in the fund in preparation.
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BlackRock is aiming for a good Bitcoin ETF launch
Accordingly Sources for X (formerly Twitter) BlackRock expected to buy $10 million worth of Bitcoin if “Pre-sowingof the fund. This would be an important milestone in 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 boost for the digital currency.
BlackRock's plans were revealed in December last year. But today the time has finally come: the $10 million purchase is scheduled to take place on January 3rd. On December 23, market research analyst James Seyffart published a post 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 buying Bitcoin does not necessarily mean the ETF will be launched, but BlackRock may be preparing for it.
Before that, seed movements do not mean the start
It looks like BlackRock plans to take action on January 3rd. You distribute $10 million to the ETF. But does this perhaps mean that BlackRock is expecting a release soon after? pic.twitter.com/PknXs5B2TP
– James Seyffart (@JSeyff) December 22, 2023
According to Seyffart, the mention of the January 3rd date is just a joke: “Also, of course, they (BlackRock) are clearly teasing us by throwing this date in because it is the date of the Genesis block.” This is Seyffart’s reference to the date , where the first Bitcoin block was mined exactly 15 years ago.
Mutual fight
Another analyst, Eric Balchunas, said this late last year his opinion about buying another asset manager. Bitwise, for example, planned to invest not $10 million, but $200 million. According to Balchunas, this would “destroy BlackRock’s plans.”
“This will make a significant contribution in the early stages of the race. Although no named party has been named, this is likely to be announced soon.” concluded the Bloomberg analyst.
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