{"id":568242,"date":"2024-01-05T13:00:47","date_gmt":"2024-01-05T13:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=568242"},"modified":"2024-06-11T07:03:47","modified_gmt":"2024-06-11T07:03:47","slug":"blackrock-10-million-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/blackrock-10-million-bitcoin\/","title":{"rendered":"BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner"},"content":{"rendered":"

The <\/span>world\u2019s largest asset manager, BlackRock<\/span><\/a>, is set to make a significant Bitcoin purchase on January 5. This comes as <\/span>Bloomberg analyst James Seyffart<\/span><\/a> hinted that the Securities and Exchange Commission (SEC) has no choice but to approve the pending <\/span>Spot Bitcoin ETFs<\/span><\/a> finally.\u00a0<\/span><\/p>\n

BlackRock To Purchase $10 Million Worth Of Bitcoin<\/h2>\n

As part of efforts to <\/span>seed its Spot Bitcoin ETF<\/span><\/a>, BlackRock will purchase $10 million worth of BTC on January 5. The asset manager had earlier scheduled this Bitcoin purchase for January 3. However, it was <\/span>eventually postponed<\/span><\/a> to this later date, possibly in a bid to ensure they gain all regulatory approvals and be fully compliant.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Volume Explodes 190% But DOGE Price Remains Low, What\u2019s Going On?<\/a><\/div>\n

BlackRock had revealed how the sum of $10 million had come about in the <\/span>latest amendment to its S-1 filing<\/span><\/a>. The world\u2019s largest asset manager had noted that the said sum was proceeds from the sale of its \u201cSeed Creation Baskets.\u201d The firm initially seeded its ETF <\/span>back in October<\/span><\/a>, with the fund\u2019s Seed Capital Investor purchasing $100,000 in shares.\u00a0<\/span><\/p>\n

Bloomberg analyst James Seyffart<\/span><\/a> had <\/span>previously warned<\/span><\/a> that Blackrock\u2019s plans to seed their ETF with this amount doesn\u2019t mean they are launching just yet. However, he remarked that there was a possibility that the asset manager was doing so in anticipation of an <\/span>imminent launch<\/span><\/a>.<\/span><\/p>\n

Meanwhile, it is also worth mentioning that BlackRock\u2019s initial seed fund could eventually be outranked. Fellow issuer <\/span>Bitwise revealed<\/span><\/a> in their latest amendment to their Spot Bitcoin ETF that they could potentially seed their fund with up to $200 million if they eventually get approval from the SEC.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC bulls fail to hold $44,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
The SEC Is Backed Into A Corner<\/h2>\n
Bloomberg analyst James Seyffart<\/span><\/a> recently shared his thoughts on whether or not an approval order was going to come from the SEC soon enough. According to <\/span>Cointelegraph<\/span><\/a>, Seyffart stated that there was no way the Commission could get issuers to withdraw their application as they are already backed into a corner.\u00a0<\/span><\/p>\n
Related Reading: XRP Price Set To Spike As Ripple Enters Another $1.5 Trillion Industry<\/a><\/div>\n
The analyst made this comment following his assertion that the regulator has run out of reasons to deny these Spot Bitcoin ETFs. He alluded to the <\/span>Grayscale case<\/span><\/a>, where the court ruled that the <\/span>SEC\u2019s reasons<\/span><\/a> for denying the asset manager\u2019s application were insufficient. With this in mind, Seyffart said that the SEC is likely to approve these funds soon enough.\u00a0<\/span><\/p>\n
These approvals could come as soon as next week, going by the analyst\u2019s projection. Seyffart <\/span>stated<\/span><\/a> that he expects an official approval order to come between January 8 and 10. This is despite the recent rumors that the SEC could approve these funds before this week runs out.\u00a0<\/span><\/p>\n
Featured image from Finextra Research, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The world\u2019s largest asset manager, BlackRock, is set to make a significant Bitcoin purchase on January 5. This comes as Bloomberg analyst James Seyffart hinted that the Securities and Exchange Commission (SEC) has no choice but to approve the pending Spot Bitcoin ETFs finally.\u00a0 BlackRock To Purchase $10 Million Worth Of Bitcoin As part of efforts to seed its Spot Bitcoin ETF, BlackRock will purchase $10 million worth of BTC on January 5. The asset manager had earlier scheduled this Bitcoin purchase for January 3. However, it was eventually postponed to this later date, possibly in a bid to ensure they gain all regulatory approvals and be fully compliant.\u00a0 Related Reading: Dogecoin Volume Explodes 190% But DOGE Price Remains Low, What\u2019s Going On? BlackRock had revealed how the sum of $10 million had come about in the latest amendment to its S-1 filing. The world\u2019s largest asset manager had noted that the said sum was proceeds from the sale of its \u201cSeed Creation Baskets.\u201d The firm initially seeded its ETF back in October, with the fund\u2019s Seed Capital Investor purchasing $100,000 in shares.\u00a0 Bloomberg analyst James Seyffart had previously warned that Blackrock\u2019s plans to seed their ETF with this amount doesn\u2019t mean they are launching just yet. However, he remarked that there was a possibility that the asset manager was doing so in anticipation of an imminent launch. Meanwhile, it is also worth mentioning that BlackRock\u2019s initial seed fund could eventually be outranked. Fellow issuer Bitwise revealed in their latest amendment to their Spot Bitcoin ETF that they could potentially seed their fund with up to $200 million if they eventually get approval from the SEC.\u00a0 BTC bulls fail to hold $44,000 | Source: BTCUSD on Tradingview.com The SEC Is Backed Into A Corner Bloomberg analyst James Seyffart recently shared his thoughts on whether or not an approval order was going to come from the SEC soon enough. According to Cointelegraph, Seyffart stated that there was no way the Commission could get issuers to withdraw their application as they are already backed into a corner.\u00a0 Related Reading: XRP Price Set To Spike As Ripple Enters Another $1.5 Trillion Industry The analyst made this comment following his assertion that the regulator has run out of reasons to deny these Spot Bitcoin ETFs. He alluded to the Grayscale case, where the court ruled that the SEC\u2019s reasons for denying the asset manager\u2019s application were insufficient. With this in mind, Seyffart said that the SEC is likely to approve these funds soon enough.\u00a0 These approvals could come as soon as next week, going by the analyst\u2019s projection. Seyffart stated that he expects an official approval order to come between January 8 and 10. This is despite the recent rumors that the SEC could approve these funds before this week runs out.\u00a0 Featured image from Finextra Research, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":568256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,7720,89670,89215,1119,89185,1144,78790],"class_list":["post-568242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-blackrock","tag-blackrock-bitcoin","tag-blackrock-news","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner<\/title>\n<meta name=\"description\" content=\"The world\u2019s largest asset 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner","url":"http:\/\/wncen.com\/news\/blackrock-10-million-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/blackrock-10-million-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-3.jpeg?fit=640%2C426"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin news","blackrock","blackrock bitcoin","blackrock news","btc","btc news","btcusd","btcusdt"],"dateCreated":"2024-01-05T13:00:47Z","datePublished":"2024-01-05T13:00:47Z","dateModified":"2024-06-11T07:03:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/blackrock-10-million-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/blackrock-10-million-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-3.jpeg?fit=640%2C426\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin news\",\"blackrock\",\"blackrock bitcoin\",\"blackrock news\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-01-05T13:00:47Z\",\"datePublished\":\"2024-01-05T13:00:47Z\",\"dateModified\":\"2024-06-11T07:03:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Bitcoin-3.jpeg?fit=640%2C426","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568242"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=568242"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/568242\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/568256"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=568242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=568242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=568242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}