- BlackRock and JPMorgan have reportedly warned their employees to be prepared for the imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
- Whether BlackRock can compete against crypto-focused players like Grayscale in its quest to reaffirm its dominance in the Bitcoin ETF space remains to be seen.
- The investment manager oversees assets worth around $9 trillion for clients worldwide.
Investment manager BlackRock and Wall Street giant JPMorgan have announced their readiness for spot Bitcoin ETFs in their latest move.
BlackRock and JPMorgan Getting Ready for ETFs
Investment manager BlackRock and Wall Street giant JPMorgan have reportedly warned their employees to be prepared for the imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). BlackRock had previously appointed JP Morgan as the lead authorized participant (AP) in its recent ETF application.
When BlackRock chose JP Morgan as its authorized participant, the crypto community pointed out the ‘irony,’ recalling that Jamie Dimon, the CEO of the Wall Street bank, had called for the banning of Bitcoin usage in the U.S. The lawyer representing XRP token holders in the Ripple case against the SEC, John Deaton, reiterated that companies like BlackRock want to secure a share of the crypto market before the doors of regulatory guidance open by the SEC, and individuals like Dimon criticize the crypto space.
Meanwhile, it remains to be seen whether BlackRock can compete against crypto-focused players like Grayscale in its quest to reaffirm its dominance in the Bitcoin ETF space. The investment manager oversees assets worth around $9 trillion for clients worldwide.
BTC Price Target
Meanwhile, the price of Bitcoin (BTC) indicates a bullish trend with a 7% growth in the last 7 days. Whether the BTC price can reach the psychologically significant milestone of $50,000 during the expected spot Bitcoin ETF approval window between January 8-10, 2024, remains uncertain.
