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Home»Bitcoin»BlackRock $10M Bitcoin Buy Will Happen Today, Expert Says SEC Is Backed into a Corner
Bitcoin

BlackRock $10M Bitcoin Buy Will Happen Today, Expert Says SEC Is Backed into a Corner

2024-01-05No Comments3 Mins Read
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The the world’s largest asset manager, BlackRockwill make a significant Bitcoin purchase on January 5. This comes as Bloomberg analyst James Seyffart hinted that the Securities and Exchange Commission (SEC) will have no choice but to approve the pending cases Discover Bitcoin ETFs Finally.

BlackRock will buy $10 million worth of Bitcoin

As part of efforts to seed are Spot Bitcoin ETFBlackRock will buy $10 million worth of BTC on January 5. The asset manager had previously planned this purchase of Bitcoin for January 3. ultimately postponed until this later date, possibly in an effort to ensure they receive all regulatory approvals and are fully compliant.

BlackRock had revealed how the $10 million figure was arrived at in the US last amendment to the S-1 filing. The world’s largest asset manager had noted that the said amount was the proceeds from the sale of its ‘Seed Creation Baskets’. The company initially listed its ETF back in Octoberwith the fund’s Seed Capital Investor purchasing $100,000 worth of shares.

Bloomberg analyst James Seyffart had warned earlier that Blackrock’s plans to seed their ETF with this amount doesn’t mean they’re launching now. However, he notes that there was a possibility that the asset manager did this in anticipation of a upcoming launch.

Meanwhile, it’s also worth noting that BlackRock’s initial seed fund could ultimately be surpassed. Fellow publisher Bitwise revealed in their latest amendment to their Spot Bitcoin ETF that they could potentially add up to $200 million to their fund if they ultimately receive approval from the SEC.

See also  Macro Guru Raoul Pal Predicts Imminent Stock Market Bottom, Updates Outlook on Bitcoin and Ethereum

Bitcoin price chart from Tradingview.com (BlackRock Bitcoin Spot ETF SEC)

BTC bulls fail to hold $44,000 | Source: BTCUSD on Tradingview.com

The SEC is being backed into a corner

Bloomberg analyst James Seyffart recently shared his thoughts on whether an SEC clearance order would come soon enough. According to MuntelegraafSeyffart stated that there would be no way for the Commission to get issuers to withdraw their applications as they have already been backed into a corner.

The analyst made this comment in response to his claim that the regulator no longer has reasons to refuse these Spot Bitcoin ETFs. He alluded to the Grayscale casewhere the court ruled that the SEC’s reasons for rejecting the asset manager’s application were insufficient. With this in mind, Seyffart said the SEC will likely approve these funds soon enough.

These approvals could come as early as next week, according to the analyst’s projection. Seyffart declared that he expects an official approval order to be issued between January 8 and 10. This is despite recent rumors that the SEC could approve these funds before this week is out.

Featured image from Finetra Research, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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10M Backed Bitcoin Blackrock Buy corner Expert Happen SEC Today
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