BlackRock Tells SEC It Will Begin Buying Bitcoin for Its BTC Spot ETF
BlackRock, the world's largest asset manager, has taken a significant step in the race to launch its own Bitcoin spot ETF. The company plans to begin funding its Bitcoin spot ETF later this month, a move that may signal a significant milestone in the path to approval for the highly anticipated Bitcoin ETF.
This information was discovered by Scott Johnsson, an investor at Van Buren Capital, who also noted that BlackRock has obtained a CUSIP number for the ETF.
The CUSIP number serves as a unique identifier for securities and is crucial during the issuance and settlement of trades. CUSIP (Committee on Uniform Securities Identification Procedures) is a securities identification system used in the United States and Canada.
Each financial instrument is assigned a unique CUSIP number, typically consisting of nine characters. This number helps prevent confusion and errors in identifying securities, as each security has a distinct code. Financial institutions, brokerages, regulators, and other market participants use CUSIP numbers to ensure accuracy in identifying securities in their systems and records.
BlackRock to Commence Funding for Bitcoin Spot ETF The funding of an ETF typically occurs when an initial asset is provided, usually by a bank or brokerage, to acquire some creation units in exchange for ETF shares that can be traded in the market on the first day.
Eric Balchunas, Senior ETF Analyst at Bloomberg, noticed this change in BlackRock's Bitcoin spot ETF amendment and pointed out that this usually happens when ETFs are preparing to launch.
BlackRock had already accelerated the race for a Bitcoin spot fund when it submitted the request to the SEC in June. So think with me: if #BTC is 34k now, without Blackrock investment, is it not this the perfect time for you to acquire more #bitcoin ?
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