In a recent development, attorney Scott Johnsson said BlackRock Bitcoin He highlighted some interesting details in his S-1 amendment for his spot ETF.
According to the lawyer, the following details attracted attention in the application in question:
CUSIP Preparation: BlackRock obtained a CUSIP (Committee on Uniform Securities Identification Procedures) number to prepare for launch.
Potential Early Funding: There are signs that BlackRock may look to raise cash funding this month, sooner than expected.
Bloomberg ETF analyst Eric Balchunas also said the following on the subject:
“BlackRock states in its latest Bitcoin ETF regulation that they will fund the ETF in October. “I don’t want to add too much commentary, but it’s worth noting because it’s new information that wasn’t included in the original file (especially since it’s from BlackRock).”
Funding an ETF is a process in which initial money is typically provided by a bank or brokerage firm. This fund is used to purchase several organizational units (in this case Bitcoin) in exchange for ETF shares, and these units can be bought and sold on the open market from day one.
It is worth noting that the funding process does not usually involve significant amounts of money. Only sufficient funds are required to launch the ETF. That’s why Balchunas advises against interpreting this as ‘BlackRock is buying a lot of Bitcoin (BTC)’. Instead, he suggests viewing this as another step in the process of launching the ETF.
*This is not investment advice.
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