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BlackRock Receives $100,000 in Seed Funding for Bitcoin ETF

BlackRock Receives Over $100,000 in Seed Funding:

  • BlackRock received $100,000 as seed capital for its Bitcoin ETF launch.
  • The investor purchased 4,000 shares at $25 each.
  • BlackRock’s ETF is one of the 13 awaiting approval from the SEC.

An Unknown Investor Buys $100,000 Worth of Shares

BlackRock, a giant in the investment industry, recently announced that it received $100,000 in seed capital in October 2023 for its Bitcoin exchange-traded fund (ETF).

The investor behind this investment reportedly agreed to purchase 4,000 shares at a unit price of $25 on October 27, 2023, as indicated in the filing with the US Securities and Exchange Commission (SEC). According to the filing, this capital is essential for creating the ETF’s base units, allowing them to be offered and traded on the open market.

The iShares Bitcoin Trust on the Verge of SEC Approval?

As a reminder, BlackRock’s iShares Bitcoin Trust will focus on direct investment in Bitcoin, unlike products based on futures contracts linked to this cryptocurrency.

BlackRock was one of the early major institutions to file for a Bitcoin ETF in July, and their application is among the 13 awaiting a decision from the SEC.

Bloomberg analysts estimate a 90% probability of the SEC approving one or more Bitcoin ETFs as early as January 2024.

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