CDS Crypto News BlackRock Receives $100,000 Seed Capital for Proposed Bitcoin ETF, Awaits SEC Approval
Crypto News

BlackRock Receives $100,000 Seed Capital for Proposed Bitcoin ETF, Awaits SEC Approval

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Blackrock Receives $100,000 Seed Capital For Proposed Bitcoin Etf, Awaits Sec Approval

BlackRock Receives $100,000 Seed Capital for Proposed Bitcoin ETF, Awaits SEC Approval

Crypto News – BlackRock (BLK) has recently disclosed that it secured $100,000 in “seed capital” for its proposed Bitcoin (BTC) exchange-traded fund (ETF), as revealed in a new application submitted to the U.S. Securities and Exchange Commission (SEC).

According to the filing, the seed capital investor committed to purchasing $100,000 worth of shares on October 27, 2023, and on the same day, received 4,000 shares at a price of $25.00 per share, referred to as the “seed shares.”

Seed capital serves as the initial funding necessary for an ETF to create units underlying the ETF, enabling shares to be offered and traded on the open market.

BlackRock’s proposed “iShares Bitcoin Trust” distinguishes itself by investing directly in Bitcoin rather than Bitcoin futures, setting it apart from other cryptocurrency-related ETFs. This proposal is among the 13 applications currently awaiting regulatory approval.

The SEC is widely anticipated to approve one or more spot ETFs in the early part of the upcoming year. Bloomberg analysts have estimated the likelihood of approval in January at a high 90%.

In an effort to confirm the identity of the seed capital investor, CoinDesk has reached out to BlackRock, but as of the time of this report, they are awaiting a response.

Blackrock Receives $100,000 Seed Capital For Proposed Bitcoin Etf, Awaits Sec Approval
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Zeynep Öztürk

Zeynep Öztürk, born in 1994 in Mardin, is a journalist, writer, and SEO expert. She specializes in digital media and content strategies. With experience in news writing and SEO optimization, she creates content that reaches a wide audience.

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