BlackRock, the world’s largest asset manager, has amended its prospectus for the spot Bitcoin Exchange-Traded Fund (ETF) with the stringent United States Securities and Exchange (SEC), according to a report on October 18. 

BlackRock Revises Bitcoin ETF Application, Heavyweights Interested

Specific changes made on their iShares Bitcoin Trust submitted by the asset manager include acknowledging the intense competition in the race for approval. The applicant said there was no assurance that their product would find instant market acceptance and scale due to competition should it be endorsed. They also explained its pricing structure and reporting mechanism.

Changes to its prospectus come roughly a month after BlackRock re-submitted its application in July 2023. Then, the applicant divulged the monitoring agreement they had sealed with Nasdaq and Coinbase Custody. BlackRock now joins Ark Invest and Fidelity, who also had to make changes for clarity.

As it is, Fidelity is the other notable applicant. The financial institution has been pro-Bitcoin over the years. In 2020, Fidelity added the option for corporate clients to invest in Bitcoin through their 401(k) retirement plans. 

This year, Fidelity introduced a Bitcoin trading platform for individual investors. In June 2023, Fidelity refiled paperwork with the SEC for its Wise Origin Bitcoin Trust. However, Fidelity also had to revise its application, stating the risks associated with the complex Bitcoin derivative product.

Is A BTC And Crypto Rally Inevit
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Author: Dalmas Ngetich

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