BlackRock Amends Bitcoin ETF Prospectus, BTC Prices Rise: Are Bulls Getting Started?

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.

How To Get Free Crypto  

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 Inevitable?

The crypto community is upbeat and expects the SEC to approve multiple spot Bitcoin ETF applications submitted by the top brass in traditional finance in the next few months, probably in 2024. However, the exact timing remains tentative, a cause of anxiety in the community. 

Coinbase Banner  

A spot Bitcoin ETF will directly track Bitcoin prices, allowing investors to trade its listed shares on a regulated exchange. Subsequently, this would make it much easier for clients, especially institutions, to gain exposure to Bitcoin without necessarily buying and storing coins. A former BlackRock executive predicted the Bitcoin market to attract at least $150 billion in three years once the SEC authorizes one or several products.

On October 19, Bitcoin prices briefly rallied above $28,500, aligning with gains of October 16. Still, whether the spike could be tied to BlackRock amending its prospectus or the general optimism in the broader crypto and Bitcoin community is unclear. 

Bitcoin price on October 19| Source: BTCUSDT on Binance, TradingView

The false news of the SEC approving the first Bitcoin ETF early this week forced prices higher. The coin soared above $30,000 at its peaks before cooling off to spot rates. 

Feature image from Canva, chart from TradingView

Go to Source
Author: Dalmas Ngetich

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.