Expanding its list of authorized participants (APs) for its spot Bitcoin ETF, BlackRock, the largest asset management in the world, has made a noteworthy breakthrough for the cryptocurrency industry. Notable Wall Street firms like Citi, Citadel, Goldman Sachs, and UBS have joined the organization, bringing the total number of APs to nine.
The information was included in a Form S-1 amendment that the ETF filed on April 5 to the Securities and Exchange Commission (SEC). This action comes amid a flurry of activity in the financial sector, with BlackRock and a number of other companies updating their SEC-submitted Bitcoin ETF applications.
Bitcoin ETFs: BlackRock’s Milestone
Expanding its list of authorized participants (APs) for its spot Bitcoin ETF, BlackRock, the largest asset management in the world, has made a noteworthy breakthrough for the cryptocurrency industry. Notable Wall Street firms like Citi, Citadel, Goldman Sachs, and UBS have joined the organization, bringing the total number of APs to nine.
The information was included in a Form S-1 amendment that the ETF filed on April 5 to the Securities and Exchange Commission (SEC). This action comes amid a flurry of activity in the financial sector, with BlackRock and a number of other companies updating their SEC-submitted Bitcoin ETF applications.
A major turning point in the development of Bitcoin ETFs in the United States has been reached with BlackRock’s increase in the number of approved participants for its spot Bitcoin ETF and the spike in modified applications for ETFs of a similar nature. The fate of these applications and their potential influence on the bitcoin market will be decided in the upcoming weeks and months.
In the meantime, the SEC has opened up public comment for three Ethereum spot ETF proposals, which is a critical step in the process of possible approval. A increasing number of traditional investing firms are showing interest in cryptocurrency-based financial products; among those looking to have their ETF ideas approved are Bitwise, Fidelity, and Grayscale Investments.
Analysts are nonetheless pessimistic about Ethereum ETF clearance chances, pointing to the SEC’s past resistance to these kinds of offerings as well as the difficulties associated with Ethereum’s regulatory classification. Concerns over Ethereum ETF considerations have grown after Chairman Gary Gensler made comments suggesting that the approval of the Bitcoin ETF does not extend to other cryptocurrency assets.
Despite these obstacles, supporters like ConsenSys push for the legalization and widespread acceptance of Ethereum-based products, emphasizing the platform’s strong security features to allay regulatory worries and speed up the licensing procedure.
