Bitcoin Rides Momentum to $31K as BlackRock Refiles Bitcoin ETF

BlackRock, the world’s largest asset manager, refiles for a spot Bitcoin ETF, stirring up the crypto market.

Two rival robots fighting on ETF, in the middle of a hovering rock.
Created by Kornelija Poderskytė from DailyCoin
  • BlackRock, the world’s largest asset manager, refiles for a Bitcoin ETF.
  • The refiling comes as Bitcoin hovers near $31K.
  • Analysts believe BlackRock’s ETF can boost Bitcoin if the SEC approves it. 

Crypto markets are on the edge over BlackRock, the world’s largest asset manager, trying to get into crypto. The company refiled for its spot Bitcoin ETF, helping Bitcoin stay near the $31,000 level. 

What stands in its way is the US Securities and Exchange Commission, which deemed its last filing “inadequate.” 

BlackRock ETF Refiling and Its Impact on Bitcoin

On Monday, July 3, reports emerged of BlackRock refiling its application with the SEC to list a spot Bitcoin ETF. The new filing comes just two weeks after the agency signaled that the previous filing was inadequate. 

This move gave respite to Bitcoin (BTC) in the market, which shed $1,000 after the SEC’s original decision. At the time, the agency explained that the filings by multiple asset managers, including BlackRock, were not clear and comprehensive

Still, markets are optimistic about BlackRock’s filings. In fact, Bitcoin surged over 25% since June 15, when BlackRock filed its original paperwork for a spot Bitcoin ETF. The likely reason for the bullish move is the potential impact of a company like BlackRock entering Bitcoin. 

If BlackRock’s spot Bitcoin ETF gets the green light from the SEC, it will provide a more regulated and accessible way for big investors to buy Bitcoin. Consequently, this will likely lead to a boost in price. Specifically, because major institutional investors control a disproportionate amount of capital. 

As Bitcoin currently hovers near the $31K mark, the potential impact of the ETF on Bitcoin’s price is a point of keen interest for crypto traders.

Other Companies Following Suit After BlackRock Refiling

BlackRock is not the only company interested in launching a Bitcoin ETF. Fidelity, another major asset manager, refiled paperwork for a Bitcoin spot ETF in June 2023, after BlackRock. Additionally, Invesco refiled its application for a physically-backed Invesco Galaxy Bitcoin ETF. 

Other firms that filed for Bitcoin ETFs after BlackRock’s filing include WisdomTree, Bitwise, Valkyrie, and Cathie Wood’s Ark Investment

On the Flipside

  • ProShares Bitcoin Strategy ETF (BITO) already enables investors to get exposure to Bitcoin futures. In fact, the ETF saw increased interest since the last round of filings, topping $1 billion again on June 26. 
  • While the SEC has so far not approved any spot Bitcoin ETFs so far, regulators in other countries have. 

Why This Matters

These filings indicate that major asset management firms believe in Bitcoin’s potential to attract institutional investors. 

Read more about the SEC’s dismissal of the last BlackRock filing: 

Inadequate: SEC Dismisses Bitcoin ETF Filings?

Read more about the latest ecosystem news driving Solana’s surge: 

Solana Firedancer: The Upgrade Behind SOL’s 15% Price Rally

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.