BlackRock turns Coinbase into Prime execution agent in ETF filing to resolve regulatory concerns
BlackRock introduced six major changes and cash holdings in its Bitcoin management and operation structure in the amendment to the iShares Bitcoin Trust S-1 form. BlackRock's last update introduced 21 core amendments, but the content shown in the December 18th document is much less, which may indicate the final improvements before release, and Coinbase has transitioned to Prime as the executing agent.
The SEC met with BlackRock for the third time to discuss spot Bitcoin ETFs. This discussion focused on whether to allow physical creation models.
On December 13th, Bloomberg analyst Eric Balchunas cited regulatory memorandum documents stating that BlackRock had its third meeting with the SEC on December 11th to discuss details of its physical Bitcoin ETF. The attendees of the third meeting included Rachel Aquirre, the head of BlackRock's US iShares products, and mostly lawyers.
BlackRock, Fidelity and others discuss details of spot Bitcoin ETF redemption model with U.S. SEC
The US Securities and Exchange Commission (SEC) has been discussing the technical details of a possible spot Bitcoin exchange-traded fund (ETF) with well-known investment companies including BlackRock and Fidelity, indicating that the agency may soon make a decision on whether to approve such a product.
WHY BLACKROCK ETHEREUM ETF IS PIVOTAL TO THE ACCEPTANCE AND INTEGRATION OF CRYPTOCURRENCIES
In the evolving finance landscape, combining traditional investment mechanisms with cryptocurrencies has been a keen interest and innovation topic. At the front of this progression is BlackRock, the global asset management titan renowned for its pivotal influence in financial markets. Making a bold move that underscores its growing interest in digital currencies, BlackRock made headlines with its application for an Ethereum-based exchange-traded fund (ETF), dubbed the iShares Ethereum Trust. This initiative isn’t just a significant leap for BlackRock; it also represents a critical juncture in the broader financial sector’s acceptance and integration of cryptocurrencies. Let’s check out how Blackrock Ethereum ETF plays a pivotal role in the finance industry.
BlackRock and Bitwise file amended forms with SEC ahead of bitcoin ETF decision
BlackRock and Bitwise have submitted amended S1 forms to the SEC, indicating that they are working to address any concerns raised by the regulator. It is not clear what specific information was requested by the SEC, but analysts had predicted changes following recent meetings. BlackRock's updated filing included 21 notable amendments, covering topics such as security, risks, disclosures, and the structure of the Trust. The SEC is expected to make a decision on approving spot bitcoin ETFs by Jan 10th, with a 90% chance of approval according to Bloomberg analysts.
What happens if nobody sells his Bitcoins to BlackRock?
During Bitcoin halving years, we have seen rallies of +186% (2012), +126% (2016) and +297% (2020). At a Bitcoin price of 40,000 per coin, twenty-five thousand coins equate to $1 billion – or 250,000 Bitcoins equate to $10 billion. Compare this to the approximately 328,125 Bitcoins that were (will be) mined in 2023. A BlackRock Bitcoin ETF could scoop up 76% of all the supply from the mining community – not even considering that rewards will be cut in half from April 2024 onwards. Only 5.8 million of the 19.4 million mined Bitcoins have been moved during the last year, signaling that 70% of coins are just held for longer. 2.4 million Bitcoins appear to have been moved during the last six months, and this short-term holder supply could indeed be seen as the true free-float of the Bitcoin market.
BlackRock Spot Bitcoin ETF Receives $100,000 in ‘Seed Funding’
Investment giant BlackRock has disclosed in its latest filing to the US SEC that it has secured $100,000 in "seed capital" for its proposed physically-backed bitcoin ETF. The filing states: "Seed capital investors have agreed to purchase $100,000 in shares on October 27, 2023, and deliver 4,000 shares at a price of $25 per share ('Seed Shares')." (CoinDesk)
BlackRock submits revised Bitcoin ETF application documents, adds anti-money laundering compliance language and PwC audit report
Bloomberg ETF analyst James Seyffart wrote on X platform that BlackRock has submitted the second revised S-1 document (prospectus) for its Bitcoin spot ETF (iShares Bitcoin Trust) to the US SEC. Bitwise had also submitted a second revised S-1 document earlier.
BlackRock once again files S-1 amendment for its spot Bitcoin ETF
Analyst James Seyffart of Bloomberg released a document showing that BlackRock has once again submitted a revised S-1 (prospectus) for its spot Bitcoin ETF. The analyst said that the SEC has apparently issued similar or very similar instructions to multiple issuers.
Bloomberg Analyst: BlackRock meets with SEC to discuss ETF, shows revised physical model design
Bloomberg analyst Eric Balchunas stated on X platform that BlackRock had another meeting with the SEC's trading and markets division yesterday to discuss the design mechanism of a physical Bitcoin ETF. They also presented the "revised" physical model design based on suggestions from staff at the November 20th meeting.
