Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

AccessTimeIconJun 15, 2023 at 9:45 p.m. UTC
Updated Jun 16, 2023 at 4:23 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC's price sank amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund's assets are to "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk earlier on Thursday reported on BlackRock's intention to soon file for a bitcoin ETF.

Edited by James Rubin.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

James Rubin

James Rubin was CoinDesk's U.S. news editor based on the West Coast.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.