In a move that aligns with the growing anticipation surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), BlackRock, the world’s largest asset manager, had initially planned to purchase an impressive $10 million worth of BTC on January 3rd. However, recent reports indicate that Blackrock has now postponed this purchase.
BlackRock Adjusts Schedule For Bitcoin ETF Seeding
The SEC’s anticipated approval of a Bitcoin ETF has generated significant interest and speculation within the cryptocurrency market.
To pave the way for the Bitcoin ETF launch, BlackRock’s affiliate, Seed Capital Investor, initially purchased Seed Shares on October 27, 2023. The Seed Shares consisted of 4,000 shares at a per-share price of $25.00, amounting to a total of $100,000.
These shares were later redeemed for cash in January, and the Seed Capital Investor proceeded to purchase the Seed Creation Baskets, comprising 400,000 shares, at the same per-share price.
However, recent reports confirm that BlackRock has rescheduled the seeding process for its highly anticipated Bitcoin ETF. The initial $10 million seeding scheduled for January 3, which serves as a crucial step toward the ETF’s launch, is now planned for January 5th.
It is worth noting that BlackRock’s decision to adjust the schedule should not come as a surprise, as regulatory approvals and compliance processes often require careful consideration.
Bitcoin ETF Approval Odds Surge On Polymarket
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Author: Ronaldo Marquez
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