BlackRock, one of the world’s largest asset managers, purchased $10 million worth of BTC to fund its spot Bitcoin ETF.
According to the form filed with the U.S. Securities and Exchange Commission (SEC), BlackRock on January 5 Bought 227.9 Bitcoin. It was announced that the fund’s management fee is 0.30%.
It is expected that the Bitcoins received will be used to seed the exchange-traded fund. Bloomberg analyst James Seyffart said that ETFs Doesn’t mean it will be approved he said.
Analysts say SEC is likely to approve Bitcoin ETF applications is 95% he thinks.
Multiple issuers have made updates to their spot Bitcoin ETF application, according to filings with the SEC today. According to information provided by Reuters, issuers submitted their applications within this week awaiting approval.