BlackRock, one of the world’s leading asset management companies, is reportedly set to make a bold move in the cryptocurrency space. The company is said to be planning to acquire $10 million worth of Bitcoin, signaling its ambition to strengthen its position in the race to launch the first spot Bitcoin ETF in the United States.
This development comes as market research analyst James Seyffart shared information on social media about BlackRock’s intentions. Seyffart revealed that the acquisition is scheduled to take place on January 3, 2024. The details are derived from an updated S-1 amendment form submitted by BlackRock, which aligns with Seyffart’s prediction of ETF approval in January.
The significance of this potential move is not lost on Bloomberg analyst Eric Balchunas. He points out the substantial increase in BlackRock’s Bitcoin seed funding, which initially stood at $100,000 back in October. While this capital injection does not guarantee an immediate ETF launch, Balchunas believes it indicates that BlackRock expects to finalize an ETF release shortly after.
However, conflicting reports and uncertainty surround the exact dates of BlackRock’s Bitcoin seed funding. Speculation suggests it could happen on either January 3 or potentially January 5, 2024. The lack of an official response from BlackRock adds further mystery to the timing. Meanwhile, the U.S. Securities and Exchange Commission has set a deadline for spot Bitcoin ETF application amendments on December 29, 2023, with decisions expected to be announced by January 10, 2024.
The anticipation within the crypto community for BlackRock’s move is palpable. As the conflicting reports on dates and the impending SEC decision continue, speculation is rife. The outcome of these developments carries significant implications for the future of Bitcoin ETFs in the United States. All eyes are now on BlackRock as they navigate through this exciting and transformative stage in the cryptocurrency market.