Bitcoin is rising and Black Rock 'knows something'.

By, Harshadkr. Arun Salve

     By, Harshadkr..Arun Salve

There is news that Bitcoin is rising and BlackRock, "knows something". Last week BlackRock made a surprising move by applying for a lisitng investment trust (ETF) for cryptocurrency (virtual currency) Bitcoin physical investment in the United States. This move has been followed by similar applications from rival companies. The US Securities and Exchange Commission (SEC) has rejected proposals for spot Bitcoins ETFs from Valkyrie, Kryptoin and VanEck. The applications failed because they didn't meet standards for protecting investors against fraud and manipulation. The SEC order rejecting Grayscale's application for a bitcoin spot ETF offers an exhaustive explanation of why a bitcoin spot ETF would not meet SEC requirements. The SEC has denied over a dozen bitcoin spot ETFs in the past year alone while approving several bitcoin future based ETFs. 

       Last week, BlackRock made a surprising move by applying for a listing investment trust (ETF) for cryptocurrency (virtual currency) Bitcoin physical investment in the United States. This move has been followed by similar applications from rival companies. There is speculation that BlackRock has important findings that could lead to application approval. 

    Since the filing of the BlackRock Bitcoin ETF, Bitcoin has risen more than 20% to surpass $30,000. On June 20th, Wisdom Tree filed with the US Securities and Exchange Commission (SEC) for the Wisdom Tree Bitcoin Trust. A few hours later, Invesco Galaxy Bitcoin ETF backed by Bitcoin-spot application was reaffirmed by Sports Authority. Bitwise also filed a few days ago regarding similar financial products.

    BlackRock's move to launch the ishares BItcoin Trust has led to a rush of applications for physical investment bitcoin ETFs.The company is the world's largest money manager with about $9 Trillion under management. The application is seen as a sign that the SEC may finally give the green light to physical investment bitcoin ETFs. The SEC has repeatedly rejected such schemes, citing the risks of fraud and manipulation in the physical bitcoin market. 

Location: India

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