Investment manager BlackRock has revealed plans to provide initial funding for its spot Bitcoin exchange-traded fund (ETF), according to recent securities filings. The company’s S-1 amendment details the process of seeding an ETF, whereby a bank or broker-dealer purchases Bitcoin in exchange for ETF shares. This move by BlackRock is seen as a significant display of confidence, with experts noting that the self-funding aspect is not the most noteworthy element. The ETF, which is yet to be approved by the Securities and Exchange Commission (SEC), already has a ticker and a CUSIP number. BlackRock is among several prominent companies seeking approval for a spot Bitcoin ETF, with the SEC having delayed its decision multiple times. However, experts believe that the recent court victory of Grayscale, a Bitcoin investment vehicle, against the SEC could pave the way for the approval of a spot ETF. Despite the lack of official approval, BlackRock’s move to provide seed funding indicates progress towards launching the ETF.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	1
People	Scott Johnsson, Eric Balchunas
Companies	iShares, SEC, Bloomberg, Van Buren Capital, BlackRock
Currencies	Bitcoin
Securities	None