Article • over 1 year ago
BlackRock's Bitcoin ETF Application Gains Steam with SEC
Summary
- BlackRock's bitcoin-based ETF application has been seen as a potential gamechanger for the cryptocurrency market.
- While ETFs based on other commodities have been permitted in many countries, bitcoin-based ETFs have faced challenges, particularly in the US.
- Previous attempts by companies like Van Eck and Bitwise to get bitcoin ETF applications approved by the SEC have been unsuccessful.
- BlackRock, with its positive track record with the SEC, has gained attention and respect for submitting a similar application.
- A bitcoin ETF is believed to have the potential to broaden bitcoin's investor base, boost liquidity, improve price discovery, and potentially lead to increased institutional adoption.
- The BlackRock application was initially rejected but is now being reviewed for the second time after certain changes were implemented.
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