BlackRock, the world’s largest asset manager, has reportedly “no current plans” to launch a crypto exchange-traded fund (ETF) according to Bloomberg. However, BlackRock will meet with regulators in mid-May and discuss the potential of an ETF for Bitcoin futures trading by July 2019.
The “blackrock strategic income opportunities bitcoin” is a report that suggests BlackRock has “no current plans” to launch a crypto ETF. The company’s deadline for the VanEck offering approaches and there is speculation that it will be rejected.
According to BlackRock Financial Management’s global head of iShares and index investments, exchange-traded funds (ETFs) tied to crypto assets are unlikely to be launched anytime soon.
According to a Financial News story published on Friday, BlackRock CEO Salim Ramji claimed the company, which manages $9.5 trillion in assets, has “no present intentions” to create a cryptocurrency exchange-traded fund until more regulatory clarification is provided in the United States. He went on to say that although BlackRock was unlikely to be among the first in this growing market for crypto investments, the business needed to exercise caution.
“Before we wrap or put our brand on [crypto], we want to make sure that our customers will be satisfied with us five, ten years from now,” Ramji added. “The regulatory landscape for cryptocurrencies is still very hazy and unclear.”
In October, digital asset management Valkyrie and ProShares introduced Bitcoin (BTC) Strategy ETFs on U.S. stock markets. Both funds provide direct exposure to cryptocurrency futures to U.S. investors, and the filings are likely in response to Securities and Exchange Commission (SEC) chair Gary Gensler’s hint in August that the agency might be open to approving exchange-traded products that are exposed to regulated BTC futures contracts.
In its first week of trading, ProShares’ fund had more than $1 billion in assets under management. Furthermore, the BTC Strategy ETF has ascended to the top 2% of all ETFs in terms of overall trading volume, with almost $400 million worth of shares exchanged on November 10.
Why are we doing this now? The US Securities and Exchange Commission took eight years to approve a Bitcoin ETF.
Despite contradicting media reports claiming a specific launch date, VanEck’s BTC Strategy ETF has yet to be cleared for listing on any exchange. VanEck submitted a prospectus with the SEC for its Bitcoin Strategy ETF on Aug. 9, but is still awaiting clearance or refusal for its spot Bitcoin ETF, which is likely to be decided by Nov. 14.
Given the SEC’s past record of declining offers from financial companies with exposure to crypto, senior ETF analyst Eric Balchunas put the likelihood of the VanEck fund being approved at less than 1%.
Balchunas believes the Eagles have a greater chance of winning the Super Bowl.
The “blackrock crypto etf” is a report that suggests BlackRock has “no current plans” to launch a cryptocurrency ETF as the deadline for VanEck’s offering approaches.
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