- BlackRock and other major institutions have filed for another ETF after the SEC’s rejection.
- The price of BTC continued to rise as sentiment around the king coin improved.
In mid-June, BlackRock Inc, the world’s largest asset manager, applied for Bitcoin [BTC] exchange-traded fund (ETF), sparking a wave of optimism among other funds and the broader cryptocurrency markets.
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In the wake of BlackRock’s ETF, several other companies followed suit, a move that coincided with the rally in the cryptocurrency market.
BlackRock does not stop
Nevertheless, BlackRock’s prospects were subsequently rejected by the SEC along with other applicants. According to the SEC, these initial filings by issuers were insufficient and lacked necessary information.
Despite the SEC’s rejection of their ETF proposal, BlackRock chose to re-file and make revised changes to their proposal.
In the newer version, BlackRock resubmitted its application using Nasdaq as the platform. This new filing included additional details stating that Coinbase will provide market surveillance services for the ETF.
BlackRock isn’t the only company to file for another ETF. Fidelity Investments has also begun filing for a spot Bitcoin ETF again, covering additional details following the SEC’s indication of inadequacy in initial filings.
In addition to Fidelity, the companies involved in this endeavor include Invesco, VanEck, 21Shares, and WisdomTree. These companies, of eight in total, are aiming to launch the first wave of spot Bitcoin ETFs in the United States.
Notably, all five refiling companies have now added information that Coinbase will provide market oversight support for their funds similar to BlackRock, a detail previously left out in previous iterations.
Read Bitcoin [BTC] Price forecast 2023-2024
How is BTC doing?
The persistence of these big companies to get a Bitcoin ETF approved could lead to more bullish sentiment for Bitcoin. Santiment’s data showed that the negative sentiment surrounding BTC gradually eased over the past few weeks. During the same period, the price of BTC rose and traded at USD 31,013 at the time of writing.
Although BTC prices increased, the number of BTC holders decreased. This suggested that the rise in BTC prices was caused by old addresses attempting to collect larger chunks of the king coin.
Source: Sentiment