Media: BlackRock expects approval of Bitcoin ETF this Wednesday

According to an exclusive report from Fox Business, BlackRock is anticipating approval from the US Securities and Exchange Commission (SEC) for its spot bitcoin exchange-traded fund (ETF) on Wednesday. This news comes as other companies, including Valkyrie, Grayscale, and Bitwise, also expect approval for their ETF applications. In a cost-cutting move, BlackRock is reportedly planning to lay off about 3% of its workforce, or approximately 600 employees. The company aims to allocate the funds saved from these layoffs towards business growth and technological investments. Alongside these developments, industry experts and issuers are optimistic about the upcoming SEC decision, with Matrixport predicting a surge in Bitcoin’s price upon the launch of the first ETFs. However, Arthur Hayes, the former CEO of BitMEX, holds a contrasting view, forecasting a substantial decline of 20-30% in Bitcoin’s value in March 2024, regardless of its level at that time.