The world’s largest asset manager made a massive step towards its involvement in the cryptocurrency industry this week by filing for a Bitcoin Spot ETF with the US Securities and Exchange Commission.

With so many previous applications for such a product by other companies failing before, the community wondered whether BlackRock’s attempt seems doomed from the get-go. However, the behemoth’s success rate with the SEC has been rather unmatched so far.

History to Repeat But for Which Side?

The COVID-19 pandemic, the subsequent central bank monetary policies, and BTC’s price surge in 2020 and 2021 changed the game in a way that very few were brave enough to envision prior to that moment. Numerous institutions started looking more seriously toward the cryptocurrency industry, and BTC in particular.

Back then, it was almost expected that a new institution or individual legacy investor will announce their bitcoin purchase on a weekly basis. BlackRock, despite being hesitant at first, started with minor investments through CME, as well as encouraging comments from some of its executives.

While many institutions backed off during the 2022 bear market, especially in the wake of the loud collapses of the Terra ecosystem and FTX, BlackRock doubled down with a few more initiatives, including a Blockchain ETF in Europe.

In June 2023, though, the behemoth made its largest bet on the industry by filing for a Bitcoin Spot ETF in the States alongside Coinbase, which will be the custodian for the funds.

The move had an immediate positive effect on BTC and its price, which jumped by over $2,000 in the first few days after the filing. The long-term consequences could be even more beneficial for the entire industry should that ETF be approved.