BlackRock has filed a new application for a Bitcoin cash exchange-traded fund (ETF), raising the stakes in the race between the financial giants
BlackRock, the world’s largest asset manager, has resubmitted its demand for spot Bitcoin exchange-traded fund (ETF), according to Nasdaq’s recent update.
The financial giant joined rivals Fidelity, WisdomTree, VanEck and Invesco/Galaxy who also re-filed their Bitcoin ETF applications with the inclusion of Coinbase as an exchange.
BlackRock’s amendment was submitted on June 29, although Nasdaq only recently released the information.
Balchunas added an interesting technical point in his tweet thread, indicating that Nasdaq, not BlackRock, updated the case. However, the ETF is ultimately owned by BlackRock. The analyst’s tweet also pointed out that BlackRock’s new submission details an actual deal with Coinbase, which went into effect on June 16. This is contrary to previous filings which simply expected to enter into a service agreement.
In response to a question about the potential chances of approval by the Securities and Exchange Commission (SEC), Balchunas maintained a 50% probability, while fellow Bloomberg analyst James Seyffart leaned slightly more optimistic towards 51%. Barely a month ago, this probability was barely hovering at 1%.
The drop comes at a time when the price of Bitcoin is on the rise, reclaiming the $31,000 level after a sudden increase in open interest.
