If BlackRock succeeds in approving Bitcoin ETF, there could be a wide-ranging move to utilize digital assets throughout the fund industry.
Financial institutions are also entering this field as interest in blockchain technology and cryptocurrency increases.
Bitwise and BlackRock are among the most notable companies.
Bitcoin Expects Financial Innovation
Financial institutions are also entering this field as interest in blockchain technology and cryptocurrency increases. Bitwise and BlackRock are some of the notable companies.
Bitwise And BlackRock Highlight Earnings Opportunities In Cryptocurrency Sector
Matt Hugan, chief investment officer (CIO) at Bitwise, noted that there will be significant revenue opportunities in the cryptocurrency sector. Also, BlackRock CEO Larry Fink argued that Bitcoin could revolutionize finance.
Several Companies Submit Bitcoin Spot ETF Applications to U.S. SEC
Currently, Bitcoin spot ETF applications have been submitted to the U.S. Securities and Exchange Commission (SEC) by several companies. Among them are Invesco, Wisdom Tree, and Fidelity Investments, along with BlackRock. These applications are being taken as a sign of hope that the SEC may approve the Bitcoin spot ETF.
Bitcoin Price Gains Positively On Other Crypto Tokens
Bitcoin’s price hike is also having a positive impact on other tokens in the cryptocurrency market. Shares of Coinbase Global, in particular, have risen 93% over the past month.
SEC has refused Bitcoin ETF approval due to lack of surveillance capabilities, but BlackRock attempts to resolve issues with surveillance sharing clause
The SEC has long refused to approve the Bitcoin ETF, citing a lack of adequate surveillance to detect fraud and manipulation in the cryptocurrency market.
However, BlackRock has included a U.S. Coinbase and Surveillance Sharing (SSA) clause to address this issue.
Capstone Research Estimates BlackRock’s Bitcoin ETF Approval Probability At 40%
Research firm Capstone estimates a 40% chance that BlackRock’s Bitcoin spot ETF application will be approved.
Source: Yonhap Infomax (http://news.einfomax.co.kr )