Blackrock, JP Morgan Prepare For Imminent Spot Bitcoin ETF Approval

Blackrock and JP Morgan are reportedly preparing for an imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Blackrock had previously selected JP Morgan as the lead authorized participant in its ETF filing. This move has been seen as ironic by the crypto community, as JP Morgan’s CEO, Jamie Dimon, had previously called for a ban on Bitcoin. However, it seems that Blackrock and other traditional financial institutions are looking to enter the crypto market before regulatory guidance is established. Blackrock, with its $9 trillion worth of assets under management, aims to compete with players like Grayscale in the Bitcoin ETF space. Meanwhile, the Bitcoin price is showing signs of bullish momentum, with a 7% growth in the last 7 days. Investors are eagerly awaiting the expected approval window for the spot Bitcoin ETF, which is set between January 8-10, 2024, and some speculate that the BTC price could reach $50,000 during this time.