Prices rallied for the second week in a row, driven by feverish speculation on whether or not asset management titan BlackRock will launch a Bitcoin spot ETF in the U.S. soon. 

It’s looking increasingly likely that an ETF is coming. Several companies have filed recent applications with the SEC, and BlackRock is not necessarily winning the race. On Monday, The U.S. Court of Appeals issued its highly anticipated order for the SEC to review Grayscale’s application after it was previously determined that the SEC’s rejection of it was “arbitrary and capricious.”

In any case, cloud software company MicroStrategy was reaping the rewards of being crypto’s biggest institutional whale this week when its $5 billion Bitcoin war chest went back in the green. 

Bloomberg ETF expert Eric Balchunas spotted something interesting on BlackRock’s recently amended prospectus for its ETF application. Changes of note include acknowledgment of competition in the race for ETF approval and detailed explanations of the product’s pricing and reporting mechanisms. 

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Author: Tim Hakki

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