1/🧵 Cryptocurrency has piqued global interest, and Bitcoin stands as the pioneering flag bearer. Amid this digital revolution, asset management juggernaut BlackRock steps into the crypto arena with its iShares Bitcoin Trust.
1/🧵 Cryptocurrency has piqued global interest, and Bitcoin stands as the pioneering flag bearer. Amid this digital revolution, asset management juggernaut BlackRock steps into the crypto arena with its iShares Bitcoin Trust.
Finally a bit of positive news.
It's been a while.
7/🧵 BlackRock's ETF filing reveals that it will use Coinbase as the Bitcoin custodian. This showcases BlackRock's intention to leverage Coinbase's proven expertise in the crypto space, building on their existing collaboration.
8/🧵 Despite its potential to provide more accessible Bitcoin exposure to investors, BlackRock's Bitcoin ETF faces significant regulatory hurdles. Past applications from various firms have been rejected, setting a challenging precedent.
2/🧵 BlackRock, the world's most substantial asset manager, is applying for a Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC). A move intended to provide a simpler means for investors to gain exposure
3/🧵 BlackRock's move to file for a Bitcoin ETF is seen as a promising development towards achieving regulatory approval. Yet, it's important to note that the SEC hasn't yet approved any spot Bitcoin ETFs.
4/🧵 The SEC is intensively monitoring the global cryptocurrency industry for any potential violation of securities laws. This has resulted in lawsuits against major exchanges like Coinbase and Binance, sparking industry-wide concerns
5/🧵 To tackle potential market manipulation, BlackRock's ETF filing includes a surveillance-sharing agreement with Nasdaq. Such an agreement aims to promote information sharing about market and clearing activity, & customer identification
6/🧵 While some view this surveillance-sharing agreement as a positive step, critics suggest it may be unnecessary. They argue that the SEC could acquire the necessary data from public sources, such as exchanges like Kraken and Coinbase
9/🧵 The announcement of BlackRock's ETF filing impacted the market, with Bitcoin prices closing up 2%. But the volatility of Bitcoin's price and the wider cryptocurrency market remains a critical factor to keep in mind.
10/🧵 BlackRock's Bitcoin ETF filing marks a significant step towards mainstream adoption of cryptocurrencies. Its focus on compliance and its partnership with Coinbase reveal BlackRock's commitment to navigating the regulatory landscape
11/🧵 Though challenges remain, BlackRock's potential ETF approval could have far-reaching implications for the crypto market. As the SEC reviews the application, the world is watching to see what happens next
12/🧵 In conclusion, BlackRock's Bitcoin ETF application represents a crucial juncture in the journey towards mainstream crypto acceptance. Amid persistent challenges, the world keenly anticipates the SEC's decision
Ready to dive in deeper? Read, upvote and share my full #hive post here -> https://leofinance.io/posts/asteroids/the-blackrock-crypto-adventure-exploring-the-potential-of-a-bitcoin-etf