Investment giant BlackRock has filed a new application with the US Securities and Exchange Commission (SEC) to purchase additional Bitcoin (BTC) ETFs.
BlackRock is looking to buy more Bitcoin ETFs for its Strategic Income Opportunities Fund, according to an updated filing on the regulator's website.
“The Fund may acquire shares of exchange-traded products (“ETPs”) designed to reflect general movements in the price of Bitcoin by directly holding Bitcoin (“Bitcoin ETPs”), including shares of a Bitcoin ETP issued by a subsidiary is sponsored by BlackRock.”
BlackRock filing
BlackRock's fund, listed under the ticker symbol IBIT, is currently considered the best performing fund in the market. It accounts for about half of the total trading volume of spot BTC ETFs in the market. According to data as of March 5, BlackRock IBIT's trading volume reached $2.4 billion and assets under management (AUM) exceeded $11 billion.
Confirmed: Today was the second-busiest trading volume day for the Ten at about $5.5 billion. $IBIT alone generated $2.4 billion of this and exceeded the $11 billion mark for the year as a whole. Each of them is up over 30% in 6 days, which will likely help keep the flow going. A bit of ARK Mania déjà vu. pic.twitter.com/BDRYVPBk34
— Eric Balchunas (@EricBalchunas) March 4, 2024
The fate of an Ethereum (ETH) ETF remains unknown. On March 4, the SEC again postponed its decision on BlackRock's November 2023 application to issue an Ethereum ETF. The commission said it would conduct further analysis of the proposed rule change to determine whether it complies with the Securities Act, which, among other things, establishes national securities exchange rules.
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