BlackRock executives expect the SEC to approve a Bitcoin ETF within 3-6 months.

Steven Schoenfield, former BlackRock managing director and current CEO of MarketVector Indexes, predicts that the U.S. SEC will approve a spot Bitcoin ETF within three to six months.

Schoenfield shared the estimate during a panel discussion on ETFs at the CCData Digital Asset Summit in London, where he was joined by another former BlackRock director, Martin Bednall, current CEO of Jacobi Asset Management.

SEC may approve ETFs sooner

Schoenfield’s response follows earlier comments from Bednall that the SEC might approve all ETF applications at the same time and doesn’t want to give anyone a first-mover advantage. Previously, the MarketVector CEO expected approval to take nine to 12 months.

However, he noted that the SEC’s recent decision to delay rulings on several pending ETF applications was a departure from their previous strategy.

Schoenfield noted that they did not reject the entire list, but instead asked for comments, which was a small but significant step forward in the conversation. Then there is the Grayscale lawsuit, which the SEC lost, meaning they will likely have to allow the Grayscale Bitcoin Trust to convert into an ETF.

BlackRock, a financial giant with $9.42 trillion in assets under management, is in a strong position to gain approval for a spot Bitcoin ETF through its pending application. This is highlighted by BlackRock’s exceptional track record in getting ETFs approved by the U.S. Securities and Exchange Commission (SEC), with a success rate of 575 to 1.

BlackRock’s shift in stance on cryptocurrencies is noteworthy, with CEO Larry Fink, once a critic of Bitcoin, now acknowledging its potential as a digital alternative to gold.

BlackRock could face stiff competition

During the panel discussion, Martin Bednall expressed confidence in BlackRock’s ability to leverage its brand strength and resources, which could give it a first-mover advantage if the SEC moves to approve a spot Bitcoin ETF.

Schoenfield noted that analysis conducted by his firm suggests that approval of a spot ETF could result in $15 billion to $200 billion flowing into Bitcoin investment products over three years. This influx of capital could double or even triple the current assets under management (AUM) of Bitcoin products.

However, Schoenfield struck a more cautious tone on Bednar’s suggestion. He stressed that while BlackRock may strive to dominate the market, several other firms are also deeply committed to tradable digital assets, some of which have closer ties to the crypto ecosystem. He expects BlackRock will likely face stiff competition in this space. #贝莱德  #比特币ETF