BlackRock Got $100K Seed Funding for Bitcoin ETF

BlackRock SEC

In a recent filing with the U.S. Securities and Exchange Commission (SEC), BlackRock (BLK) disclosed that it obtained $100,000 in “seed capital” for its planned bitcoin (BTC) exchange-traded fund (ETF).

“The seed capital investor agreed to purchase $100,000 in shares on October 27, 2023, and on October 27, 2023 took delivery of 4,000 shares at a per-share price of $25.00 (the “seed shares”),” the filing said.

Seed capital serves as the initial funding that enables an ETF to create units supporting the ETF, allowing shares to be offered and traded in the open market.

BlackRock’s proposed “iShares Bitcoin Trust” distinguishes itself by investing directly in bitcoin rather than futures linked to the cryptocurrency. This proposal is among the 13 applications awaiting regulatory approval.

The SEC is anticipated to approve one or more spot ETFs early next year, with Bloomberg analysts estimating a 90% probability of approval in January.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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