- Asset management firm Blackrock expects a green light on its Bitcoin ETF proposal this week.
- BlackRock is set to unveil its earnings report.
- Nearly 14 issuers are awaiting a positive outcome on Bitcoin ETFs.
As the wait for the Bitcoin ETF verdict nears its end, anticipation is peaking among investors for January 10, the expected date for the Securities and Exchange Commission (SEC) to announce its decision. Mixed market sentiments have given rise to optimism and skepticism, with varying expectations regarding the commission’s impending decision.
Despite recent reports casting doubts on the potential for approval, Bitcoin ETF issuer BlackRock is hopeful for a positive nod.
BlackRock Bitcoin ETF Approval Certain?
According to a January 6 Fox Business report, asset management company BlackRock is gearing up for the approval of its Bitcoin ETF by the Securities and Exchange Commission on Wednesday, January 10, 2024.
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The asset management firm, which recently amended its proposal to align with the SEC’s ‘Cash-Only’ mandate, is one of the 14 hopefuls vying for approval, along with key market players including Fidelity, Bitwise, Grayscale, and more.
BlackRock is amping on internal adjustments ahead of the looming regulatory decision, including the layoffs of nearly 3 percent of its global workforce.
The firm has also unveiled plans to release its fourth-quarter earnings report on Friday, following the regulatory verdict on its spot Bitcoin ETF proposal.
SEC’s Bitcoin ETF Approval Imminent?
Over the past week, collaborative efforts between the commission and key issuers have intensified, significantly boosting optimism for the long-anticipated approval of the inaugural U.S. Bitcoin ETF.
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On January 5, the SEC received the 19b-4 amendments from proposers, marking one of the final steps in its decision process.
Bitcoin ETF analysts James Seyffart and Eric Balchunas have asserted that the odds of a potential approval on January 10 are up to 95%, emphasizing that rejecting the 14 proposals is considered very unlikely.
Upon a positive verdict, the asset managers will file their S-1 documents with the SEC to launch their shares on US stock exchanges.
On the Flipside
- While the broader crypto community holds hope for approval, anti-crypto organization Better Markets has advocated for Bitcoin ETFs rejection to avoid a “grave mistake.”
- The approval of Bitcoin ETFs promises a myriad of benefits for investors; however, it could also amplify the adverse effects associated with the industry.
- The SEC has cautioned against FOMO investing among investors ahead of its verdict.
Why This Matters
The approval of BlackRock’s Bitcoin ETF by the SEC will mark a positive conclusion to the months-long decision process, opening up a traditional gateway to the broader adoption of Bitcoin and the overall crypto industry.
Read more on the wait on Bitcoin ETFs:
Bitcoin ETFs Get Final SEC Comments: Approval Today Unlikely
Bitcoin is gaining popularity among nation-states; find out more:
Honduras Introduces Bitcoin as Legitimate Unit of Account
