cryptocurrency In a significant development for the market, BlackRock, the world’s largest investment management company, proposed Bitcoin received $100,000 in seed financing for its exchange-traded fund (ETF).
$100,000 Seed Fund Invested in BlackRock Spot Bitcoin ETF
The statement came after BlackRock’s latest filing with the US Securities and Exchange Commission (SEC).
An unidentified seed investor has committed to purchase $100,000 worth of shares on Oct. 27, 2023, according to the filing.
That same day, the investor purchased 4,000 shares, constituting “seed shares,” at a price of $25.00 per share.
Seed capital is a crucial initial investment that enables an ETF to build units, supporting the offering and trading of shares on the open market.
BlackRock’s “iShares Bitcoin Trust” ETF differentiates itself by investing directly in Bitcoin rather than futures tied to the cryptocurrency.
This approach is in line with the growing demand for investment products that provide exposure to real underlying assets, contributing to the maturation of the cryptocurrency market.
iShares Bitcoin Trust is one of 13 ETF applications currently awaiting regulatory approval. The Securities and Exchange Commission is expected to potentially approve one or more spot ETFs early next year.
Bloomberg analysts expressed confidence, putting the probability of approval at 90% in January.
*This is not investment advice.
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