Bitcoin ETF

Bitcoin

Spot

James

As the Spot Bitcoin ETF approval date draws closer, asset management companies like BlackRock are getting ready for the potential launch of its Spot Bitcoin ETF. BlackRock has already initiated plans for its seed fund to support the launch of its Spot Bitcoin ETF.&nbsp;
<h2 id="b-blackrock-prepares-seed-fund-for-bitcoin-etf-b">BlackRock Prepares Seed Fund For Bitcoin ETF</h2>
In a recent <a href="https://x.com/jseyff/status/1738324061321666705?s=46" target="_blank" rel="noopener noreferrer nofollow">X</a> (formerly Twitter) post, Bloomberg analyst, James Seyffart announced that <a href="https://bitcoinist.com/blackrock-turn-spot-bitcoin-etf-cash-redemption/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a> has officially made plans to inject $10 million seed funding for its <a href="https://bitcoinist.com/bitcoin-spot-etf-blackrock-sec/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a>. The seed funds are aimed at propelling the development and launch of its spot Bitcoin ETF.&nbsp;
<blockquote class="twitter-tweet">
 UPDATE: <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@BlackRock</a> already submitted an updated/amended S-1 for their <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoin</a> ETF. <a href="https://t.co/sVAL9qVmiy" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/sVAL9qVmiy</a>
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1738324061321666705?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 22, 2023</a>
</blockquote>
Seyffart also disclosed that the asset management company submitted an updated and amended S-1 for their <a href="https://bitcoinist.com/bitcoin-etf-approval-could-send-new-altcoins-to-the-moon-3-cryptos-to-watch/" target="_blank" rel="noopener noreferrer nofollow">ETF application</a> to the United States Securities and Exchange Commission (<a href="https://bitcoinist.com/bitcoin-spot-etf-sec-blackrock/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>). In Addition to BlackRock, <a href="https://bitcoinist.com/hashde-revised-bitcoin-spot-etf/" target="_blank" rel="noopener noreferrer nofollow">Hashdex</a> and Pando Asset have also submitted their respective filings.&nbsp;
BlackRock’s $10 million seed fund indicates the company’s strong commitment to spearheading the Spot Bitcoin ETF landscape. The asset management company initially submitted its Spot Bitcoin ETF application to the SEC in June. However, the application was delayed by the SEC.&nbsp;
The regulatory agency has also delayed multiple other Bitcoin ETF applications including Grayscale, WisdomTree, and more. The final date of the potential approval of the Bitcoin ETF applications is scheduled for January 10th, 2024.&nbsp;
Including BlackRock, approximately 13 Spot Bitcoin ETF applications have been <a href="https://bitcoinist.com/bitcoin-spot-etf-sec-new-look/" target="_blank" rel="noopener noreferrer nofollow">delayed by the SEC</a>. Despite the delays and regulatory uncertainties surrounding Bitcoin ETFs, many crypto enthusiasts including Seyffart and Bloomberg Analyst, Eric Balchunas are highly optimistic about the SEC’s approval of Spot Bitcoin ETFs. The two Bloomberg analysts have predicted a 90% chance of Bitcoin ETFs becoming <a href="https://bitcoinist.com/bitcoin-etf-approval-sec-january-2-10/" target="_blank" rel="noopener noreferrer nofollow">approved by January 2024.</a>
<h2 id="b-seed-movements-do-not-certify-bitcoin-etf-launch-b">Seed Movements Do Not Certify Bitcoin ETF Launch</h2>
Although BlackRock’s seed fund plans come as pleasant news to the crypto community, it does not officially certify the approval of the company’s <a href="https://bitcoinist.com/spot-bitcoin-etf-approval-this-week/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs.&nbsp;</a>
Seyffart has also <a href="https://x.com/jseyff/status/1738328765879435406?s=46" target="_blank" rel="noopener noreferrer nofollow">announced</a> that BlackRock’s seed fund plan does not signify a potential launch of the asset management company’s Spot Bitcoin ETF.&nbsp;
<blockquote class="twitter-tweet">
 Before this — SEED MOVEMENTS DO NOT MEAN LAUNCH
 Looking like BlackRock is *planning* to make moves on Jan 3rd. They’re seeding the ETF with $10 million. But maybe means BlackRock would be expecting a launch to happen shortly after? <a href="https://t.co/PknXs5B2TP" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PknXs5B2TP</a>
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1738328765879435406?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 22, 2023</a>
</blockquote>
According to information posted by the Bloomberg analyst, the proceeds of the seed creation basket are scheduled for January 3, 2024. However, the plans are subject to change at any time.&nbsp;
“Seed movements do not mean launch. Looking like BlackRock is *planning* to make moves on Jan 3rd. They’re seeding the ETF with $10 million. But maybe it means that BlackRock would be expecting a launch to happen shortly after?” Seyffart stated.&nbsp;
Featured image from Freepik

Bitcoin Spot ETFs Are Almost Here: BlackRock Moves Into $3 Million Seed Round

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