BlackRock Files for a Spot Bitcoin ETF
BlackRock's iShares unit filed a registration statement for the iShares Bitcoin Trust, whose assets would consist primarily of bitcoin held by a custodian. The filing was notable because BlackRock was the world's largest asset manager and because the application revived expectations that a U.S.
BlackRock's iShares unit filed a registration statement for the iShares Bitcoin Trust, whose assets would consist primarily of bitcoin held by a custodian. The filing was notable because BlackRock was the world's largest asset manager and because the application revived expectations that a U.S. spot Bitcoin ETF could finally clear the SEC. Bitcoin rallied in the following days, which is treated as market reaction to the filing rather than a separate event.
The institutional mechanism was direct spot Bitcoin investment product. The shift changed how traditional firms, accounting systems, or regulated products could hold or expose clients to Bitcoin, rather than changing the Bitcoin network itself.
The Bitcoin connection ran through spot Bitcoin investment product. Defining 2023 institutional turning point in the spot Bitcoin ETF process.
Jul amendment → Aug Grayscale → Oct no appeal → Dec cash model.