While the crypto community is thoroughly eying over spot Bitcoin ETF updates, it could not even miss a subtle movement as the latest finding reveals that BlackRock has over $2 billion in BTC ready to start initial trading of its ETF.
BlackRock, which is the world’s largest asset manager and also the biggest among all Bitcoin ETF applicants, is making moves in preparation for ETF trading, with the firm reportedly having $2 billion worth of Bitcoin already lined up – according to Matthew Sigel, the Digital Asset Research Head at VanEck.
Several analysts believe that the amount is to be injected into BlackRock’s ETF by existing Bitcoin holders who want to interchange their BTC holdings into the Bitcoin ETF.
The move will potentially kick-off the initial trading sessions, while the firm could employ a long-term strategy to acquire BTC according to the demand it generates.
The U.S. Securities and Exchange Commission (SEC) is expected to make a final decision on ARK 21Share’s Bitcoin ETF before January 10. This decision will be critical for all other applicants who are in the queue to get approval for their ETFs.
Also Read: SEC Could Reject Spot Bitcoin ETFs Over Fraud Concern
