BlackRock’s Bitcoin ETF: Will the World’s Largest Asset Manager Provide the Green Light?
Many bitcoin (BTC) investors are eagerly awaiting BlackRock, the world’s largest asset manager, to launch a bitcoin spot Exchange Traded Fund (ETF) in the United States. BlackRock surprised the crypto world in June with its ETF application and has since experienced two delays in receiving a final verdict from the US Securities and Exchange Commission (SEC). However, a former director of BlackRock believes that the regulator will ultimately give the financial giant the green light.
BlackRock Bitcoin ETF on the Horizon?
While BlackRock’s second deadline for its evaluation process was delayed last week, former BlackRock director Steven Schoenfield remains optimistic about approval.
Schoenfield, now the CEO of MarketVector Indexes, shared his estimation during a panel discussion on ETFs at CCData’s Digital Asset Summit in London, where he was joined by another ex-BlackRock director, Martin Bednall, currently the CEO of Jacobi Asset Management.
Not only did the SEC recently delay BlackRock’s attempt, but all pending applications have yet to receive a final decision from the regulator.
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Based on recent shifting deadlines, Schoenfield expects a bitcoin spot ETF to enter the US market “within three to six months.”
Specifically, he stated:
“Instead of rejecting the whole list outright, they asked for comments, which is a marginal but significant improvement in the dialogue. There is also the Grayscale lawsuit that the SEC lost, meaning they are most likely going to have to allow the Grayscale Bitcoin Trust to convert to an ETF.”
Yesterday, Bloomberg analyst Eric Balchunas described the SEC’s decision to add comments to the applications as a “welcome sign,” allowing companies to make adjustments to their attempts.
The timeline of 3 to 6 months aligns precisely with the upcoming deadlines for BlackRock. The SEC can request a final delay until January 15, and then reach a final verdict before the March 15 deadline.
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“70% Chance of a Bitcoin ETF”
Economist and trader Alex Krüger shared his opinion on X yesterday, stating that the chance of approval for a bitcoin ETF currently stands at 70%. He expects the SEC to make a positive decision in January. In January, the final deadline for the joint effort by ARK Invest & 21Shares is scheduled, along with the third deadline for the extensive list of applications led by BlackRock.