Bitcoin ETF saga continues as Blackrock pushes on
- BlackRock and other large institutions re-applied for an ETF after SEC’s rejection.
- BTC’s price continued to surge as sentiment around the king coin improved.
In mid-June, BlackRock Inc, the world’s largest asset manager, applied for a Bitcoin [BTC] exchange-traded fund (ETF), triggering a surge of optimism among other funds and the broader cryptocurrency markets.
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In the wake of BlackRock’s ETF, several other firms followed suit, a move that coincided with the cryptocurrency market’s rally.
BlackRock won’t stop
Nevertheless, BlackRock’s prospects were subsequently dismissed by the SEC, along with other applicants. According to the SEC, these initial filings by issuers were insufficient and lacked necessary information.
Despite the rejection of their ETF proposal by the SEC, BlackRock opted to re-apply and introduce revised amendments to their proposal.
In the newer version, BlackRock resubmitted its application by utilizing Nasdaq as the platform. This resubmission included additional details stating that Coinbase will provide market surveillance services for the ETF.
BlackRock hasn’t been the only firm that has re-applied for an ETF. Fidelity Investments has also begun the process of re-application for a spot-Bitcoin ETF, addressing additional details following the SEC’s indication of insufficiency in the initial filings.
In addition to Fidelity, the companies involved in this endeavor include Invesco, VanEck, 21Shares, and WisdomTree. These firms, among eight in total, are aiming to launch the first wave of spot Bitcoin ETFs in the United States.
Notably, all five of the refiling companies have now included information that Coinbase will provide market surveillance support for their funds, similar to BlackRock, a detail previously omitted in earlier iterations.
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How is BTC doing?
The persistence of these large firms in getting a Bitcoin ETF approved could inspire more bullish sentiment for Bitcoin. Santiment’s data revealed that the negative sentiment around BTC was observed to be gradually declining over the last few weeks. During the same period, the price of BTC surged, trading at $31,013 at press time.
Even though BTC’s prices grew, the number of BTC holders declined. This suggested that the surge in BTC prices was brought on by old addresses trying to accumulate larger portions of the king coin.