ETF Application Boom After BlackRock Bitcoin Interest
The prevailing assumption is that Bitcoin is rallying thanks to interest from TradFi institutional players like BlackRock.
Indeed, the $8 trillion asset management behemoth applied for a Bitcoin ETF, a product notoriously rejected by the U.S. Securities and Exchange Commission due to supposed market manipulation concerns.
The company notably has a stellar record with filing ETPs in general with 575 successful filings against 1 failed attempt.
BlackRock also owns a whopping 6% stake in Michael Saylor’s MicroStrategy, the largest corporate holder of BTC with around 140,000 Bitcoins worth over $3 billion.
The company’s stake in MSTR has seemingly spurred speculations and hopium among proponents that institutional players are taking big bets on BTC, and perhaps the broader crypto market by extension.
At the very least, BlackRock’s move has galvanized other TradFi entities like WisdomTree and Invesco to take a gamble at a Bitcoin ETF filing.
The interest from these players comes at a time when the SEC dropped the hammer on crypto’s two largest centralized exchanges Binance and Coinbase.
According to the SEC, both platforms violated securities laws by operating unregistered securities exchanges and offering illegal securities tokens. A basket of cryptos like including SOL, ADA, and MATIC were listed in the respective lawsuits.
Trading venues like eToro and Robinhood subsequently delisted some of these tokens in a bid to mitigate possible regulatory consequences.
Source: Read Full Article