The SEC has accepted BlackRock’s application for a Bitcoin ETF for review, bringing us closer to the launch of the first spot Bitcoin exchange-traded fund (ETF) in the US. However, the world’s largest asset manager faces potential hurdles to the product’s acceptance. The barriers have to do with recent scandals and attendant reputational fallout.
BlackRock, the world’s largest asset manager with over $9.4 trillion in assets, applied for its inaugural spot Bitcoin ETF on June 15. The product has been the subject of eager anticipation in the finance and cryptocurrency communities. A Bitcoin ETF allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency. Clearly a step forward for institutional investment, and a boon for BlackRock.
BlackRock Spot Bitcoin ETF Application Currently Being Reviewed by the SEC
As recently as January, BlackRock was under the watchful eye of the Securities and Exchange Commission (SEC). The regulators had spotted a possible conflict of interest.
On January 5, 2023, the agency took action against Randy Robertson. A former portfolio manager at BlackRock Advisors, LLC. He allegedly failed to share a conflict of interest from his connection to a film distribution company, in which the fund he managed invested millions.
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The investigation revealed that BlackRock Multi-Sector Income Trust (BIT), a publicly traded fund, had provided loans up to $75 million to subsidiaries of Aviron Group, LLC, which financed movie ads.
Robertson consented t
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Author: Josh Adams
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