BlackRock has refiled for a Bitcoin spot exchange-traded fund (ETF), raising the stakes in the race among financial giants
BlackRock, the world’s largest asset manager, has resubmitted its application for a spot Bitcoin exchange-traded fund (ETF), as per the recent Nasdaq update.
The financial giant has joined its rivals Fidelity, WisdomTree, VanEck, and Invesco/Galaxy who have also refiled their Bitcoin ETF applications with the inclusion of Coinbase as the exchange.
The amendment by BlackRock was submitted on June 29, although Nasdaq only published the information recently.
Balchunas added an interesting technical point in his tweet thread, indicating that it was Nasdaq, not BlackRock, that updated the filing. However, the ETF belongs to BlackRock at the end of the day. The analyst’s tweet also pointed out that BlackRock’s resubmission details an actual agreement with Coinbase, which came into effect on June 16. This is contrary to previous filings that merely expected to enter into a service agreement.
In response to a question about the potential odds of approval by the Securities and Exchange Commission (SEC), Balchunas maintained a 50% likelihood, while his fellow Bloomberg analyst, James Seyffart, leaned slightly more optimistically towards 51%. Just a month ago, this probability was hovering at a mere 1%.Â
The refiling comes at a time when Bitcoin’s price is on the rise, reclaiming the $31,000 level after a sudden increase in open interest.Â