BlackRock, the world’s largest asset manager, is awaiting approval from the U.S. Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). The SEC is expected to make its decision on the ETF by Wednesday, March 24.
If approved, it would allow investors to invest in Bitcoin without having to purchase the actual cryptocurrency. Instead, investors would buy shares of a fund that tracks the price of Bitcoin, giving them access to the cryptocurrency without the need to store it or handle the digital assets themselves.
BlackRock has filed for permission to list two Bitcoin ETFs in the U.S.: the iShares Bitcoin ETF and the iShares Short Bitcoin ETF. The company’s filing states that the funds “seek to provide investors with exposure to the daily price movements of Bitcoin without the uncertainty and risks associated with holding or transferring Bitcoin directly.”
The SEC has been reluctant to approve Bitcoin ETFs in the past, citing concerns about investor protection. The agency is currently reviewing multiple Bitcoin ETFs, including one from VanEck and SolidX.
It’s unclear how the SEC will respond to BlackRock’s ETFs, but approval would be a major win for the cryptocurrency industry, as it would give investors easier access to digital assets. It would also further legitimize the asset class and open the door for more institutional investors to enter the market.
