BlackRock’s Bitcoin ETF: Banks Welcomed with Open Arms

BlackRock Revises Spot Bitcoin ETF Application to Allow Banks' Participation

BlackRock submits revised application for Spot Bitcoin ETF to include bank participation.

Hey there, digital asset investors! Hold onto your hats because we’ve got some big news from the giants of the investment world, BlackRock Inc. 🚀

So, BlackRock, being the clever minds they are, have submitted a revised application for their iShares spot Bitcoin exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC). But here’s the kicker: they’ve made some exciting changes to make it easier for Wall Street banks to jump on board. Talk about rolling out the red carpet!

If the SEC gives it a thumbs up, BlackRock’s groundbreaking ETF will allow regulated banks in the US to create new fiat-based shares in the ETF. Hold up, what does that mean? Well, instead of only dealing with crypto, these banks can now enter the game and access the ETF without breaking any rules. It’s like having a backstage pass to the hottest concert without breaking a sweat. So how does it work?

Introducing the “authorized participant” or AP. This financial institution will act as the bridge between BlackRock’s ETF and the banks, making all the magic happen. The AP will simply use a broker-dealer to convert the fiat into Bitcoin and store it with Coinbase Custody, BlackRock’s trusted provider. It’s like having a crew of professionals handle all the backstage coordination while you sit back and enjoy the show. Bravo, BlackRock, bravo!

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But that’s not all folks! BlackRock’s revised ETF application offers not just a smoother ride, but also “superior resistance to market manipulation.” It’s like having a nifty gadget that shields you from any nefarious villains in the market trying to pull a fast one. And that’s not all, it also comes with reduced transaction costs and lower risks of operating events. It’s like having a superpower that protects you from unnecessary expenses and unexpected surprises. Who doesn’t love that?

But wait, there’s more! Risks are shifted from the investors to the market makers. It’s like having a fearless superhero buffer between you and the dangers of the market, taking all the hits so you don’t have to. Talk about peace of mind!

Now, let’s talk about the SEC meetings. BlackRock, being eager beavers, got together with the SEC not once, not twice, but three times. Thumbs up for determination! In these meetings, BlackRock, along with representatives from Nasdaq, presented this brand new model, leaving the SEC to ponder the possibilities. Will it be thumbs up or thumbs down? Only time will tell.

But guess what? BlackRock isn’t alone in this quest. Three other applicants have also had face-to-face meetings with the SEC. Talk about a crowded room! The SEC’s Office of Market Supervision is a busy bee, meeting with Fidelity Investments, Grayscale Investments, and Franklin Templeton. It’s like the Avengers of the investment world fighting for their spot in the ETF universe. Who will come out on top?

Now let’s dive into the juicy gossip. The market, my dear readers, is buzzing with excitement. We have not one, not two, but 13 applications for spot Bitcoin ETFs under review by the SEC. I repeat, 13! BlackRock, in particular, has until January 15 for the SEC to make a decision. The countdown is on! Historically, the SEC hasn’t exactly been Bitcoin’s biggest fan, rejecting applications left and right. But here’s the twist: this time, the market is feeling optimistic. Will the SEC finally give the green light? The suspense is killing us!

For all our eager beavers out there, make sure to mark your calendars for the 5th to the 10th of January. Rumor has it that this is the magic window when the SEC might reveal their decision. And the ball gets rolling with the ARK 21Shares Bitcoin ETF. The pressure is on! Will the SEC set the tone for the other hopefuls in line? We’ll be holding our breath until then, folks.

Oh, and let’s not forget the icing on the cake. BlackRock announced that they’ve already received a sweet $100,000 seed funding for their iShares Bitcoin Trust ETF. It’s like having your cake and eating it too!

Now, sit tight, grab some popcorn, and enjoy the show. Will BlackRock’s revised ETF application be the game-changer we’ve all been waiting for? Will Bitcoin’s rally reach the heavens? The future looks bright, my friends. So hold on to your digital assets and get ready for an exhilarating ride ahead!

✨ Keep shining, crypto-warriors! The show is just getting started! ✨

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