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BlackRock, the world’s largest asset manager, expects the SEC to approve its spot Bitcoin ETF application on Wednesday, according to a report from Fox Business. The company is also planning to cut about 600 jobs, or 3% of its workforce.
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According to a report in Fox Business, BlackRock, the world’s largest asset manager and one of the firms seeking to launch a Spot Bitcoin ETF, expects its application to be approved on Wednesday.
BlackRock is one of several companies that filed updated 19b-4 filings on Friday, along with their proposed Spot Bitcoin ETFs. Other companies that have filed applications include Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco. The Cboe BZX exchange also filed forms last week for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton.
The approval of spot Bitcoin ETFs is being eagerly anticipated by crypto advocates. Those who bet that these funds could bring billions of dollars in new funds to the crypto sector have seen market excitement for the possibility of exchange-traded products that hold Bitcoin directly, not just through futures contracts on price, with Bitcoin’s price rising rapidly in recent months.
Meanwhile, crypto skeptics have argued that Bitcoin is too volatile and unregulated and therefore cannot support a healthy market. Better Markets, a non-profit, nonpartisan organization that lobbies for increased financial regulation, sent a letter to the SEC stating that approval of spot bitcoin ETFs would be a “regulatory mistake of historic proportions.”