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BlackRock To Shed 3% Of Workforce In Anticipation Of Bitcoin ETF Approval

Press Releases Crypto News Bitcoinist BlackRock To Shed 3% Of Workforce In Anticipation Of Bitcoin ETF Approval

BlackRock, the world’s largest asset manager, is planning to slash its global workforce in the coming days, according to the latest report. This move comes while the firm expects to receive positive news from the US Securities and Exchange Commission (SEC) on its Bitcoin spot exchange-traded fund (ETF).

BlackRock is among a host of asset management firms looking to offer spot BTC ETF, an investment product that tracks the price of the world’s largest digital asset, Bitcoin, in the United States.

BlackRock Expects Bitcoin ETF To Be Approved On Wednesday: Report

On Saturday, January 6, FOX Business reported that BlackRock intends to lay off about 600 employees – about 3% of its current workforce – as part of routine internal changes. Citing a source familiar with the issue, the media outlet disclosed that the trillion-dollar asset manager carried out a similar round of layoffs in 2023 based on performance metrics.

The timing of this staff layoff is especially interesting, as BlackRock expects its Bitcoin spot ETF bid to receive approval by next Wednesday, January 10. Although the SEC’s deadline for the firm’s Bitcoin ETF isn’t until January 15, the expectation is that the agency will greenlight all pending applications on January 10 – the deadline to approve or deny the ARK 21Shares BTC ETF.

This wave of optimism comes after about a dozen of the Bitcoin spot ETF applicants, including BlackRock, filed 19b-4 amendment forms to the SEC on Friday, January 5. Other asset managers who submitted the amendment forms include Grayscale, Valkyrie, ARK 21shares, Hashdex, Bitwise, Invesco Galaxy, Fidelity, VanEck, WisdomTree, and Franklin Templeton.

While the 19b-4 submissions are one of the defining last steps in the SEC approval process for an exchange-traded fund, S-1 filings still need to be completed and endorsed for exchanges in the United States to begin listing crypto ETF products. Fortunately, several experts believe the

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Author: Opeyemi Sule

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