Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing
The largest cryptocurrency rose more than 1.3% in the hour after the announcement.
Jun 15, 2023 at 9:45 p.m. UTCBitcoin 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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/fef307fe-e7ed-4f5a-badc-d7a5744bbd1e.png)
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.