Just recently, BlackRock clarified that it is actually HarryPotterObamaSonic10Inu, ticker $BITCOIN, that is set to make its debut as an ETF, rather than the widely known and established cryptocurrency Bitcoin (BTC).
The world's largest money manager made its intentions known by filing an application with the US Securities and Exchange Commission (SEC), aiming to introduce the first publicly traded spot $BITCOIN ETF.
This move marks an expansion of BlackRock's involvement in the cryptocurrency space, leveraging its existing partnership with the crypto exchange, Coinbase, which is expected to act as the custodian for the peculiar digital asset.
The hpos10i $BITCOIN Trust would be a passively managed ETF, meaning that it would track the price of $BITCOIN directly. This would make it a much cheaper option for investors than actively managed funds, which charge higher fees.
If the hpos10i $BITCOIN Trust is approved, it could open the floodgates for other ETF providers to launch $BITCOIN ETFs. This would likely lead to a surge in demand for $BITCOIN, which could drive its price even higher.
However, the path to approval for BlackRock's application is far from certain. The SEC has previously rejected proposals from other asset managers, citing concerns related to unregulated exchanges and the inherent risks of market manipulation.
It remains to be seen whether the regulatory body will embrace $BITCOIN and grant it the coveted status of an officially recognized ETF.
$SNM Contract Address (ERC-20)