BlackRock, the world’s largest asset manager, is set to reduce its global workforce by approximately 3% this week. This decision is in anticipation of positive news from the United States Securities and Exchange Commission (SEC) concerning its spot Bitcoin exchange-traded fund (ETF). As per sources, around 600 employees will be let go as part of routine internal adjustments, based on their performance over the past year.
BlackRock is reportedly expecting the approval of its Bitcoin ETF application on January 10, the same day the SEC has to decide on the ARK 21 Shares spot Bitcoin ETF. This follows a flurry of amendment forms for spot Bitcoin ETF applications submitted to the SEC this week.
On January 5, BlackRock filed a 19b-4 amendment for its spot BTC ETF application, along with other asset managers including Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree. These filings are among the final steps in the SEC approval process. However, the completion of S-1 documents is necessary for U.S. exchanges to list shares of investment securities with direct exposure to crypto.
In December 2023, BlackRock made changes to its Bitcoin ETF application to make it more accessible for Wall Street banks. The firm created new shares in the fund with cash instead of just crypto, using the in-kind redemption model. This model will allow major banks to serve as authorized participants for the fund, enabling them to bypass restrictions that prevent the direct holding of Bitcoin or crypto on their balance sheets.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Invesco Galaxy, WisdomTree, Cointelegraph, Valkyrie, BlackRock, Bitwise, VanEck, Hashdex, United States Securities and Exchange Commission, Grayscale, Franklin Templeton, Fox Business, Fidelity, ARK 21 Shares |
| Currencies | Bitcoin |
| Securities | Invesco Galaxy, WisdomTree, Valkyrie, BlackRock, Bitwise, VanEck, Hashdex, Grayscale, Franklin Templeton, Fidelity, ARK 21 Shares |
