BlackRock’s record for getting ETFs approved by the SEC is 575-1.

BlackRock’s record for getting ETFs approved by the SEC is 575-1.
BlackRock recently filed for a spot Bitcoin ETF. The custodian for the planned Bitcoin trust is Coinbase. BlackRock is the largest asset manager in the world so it means something that it trusts Coinbase. Perhaps BlackRock thinks that Coinbase will just have to a fine to deal with its current legal dispute with the SEC.
The one ETF that was denied was due to “the proposals seek permission to create actively managed ETFs that would not be required to disclose their holdings on a daily basis.” This was fixed by BlackRock and the ETF went through.
The Bitcoin ETF will have to purchase real bitcoin and not just be a derivatives futures based product like the ProShares Bitcoin Strategy ETF, ticker: BITO. The ETF will be forced to purchase real bitcoins and hold them in a trust in direct proportion to the money that flows in.
Many people have tax advantaged retirement accounts that do not allow them to invest in Bitcoin directly. This is going to open the possibility to more directly invest retirement accounts in Bitcoin.
If you don’t have a 401k or an IRA, and you want self-custody, and you can transact on the Bitcoin network, the BlackRock ETF will not be of much interest for you, but I would argue that this is the minority of people.
In regards to 401k plans, it will be up to your employer to work out which plans and ETFs are vailable. However, if you have an IRA with a major brokerage like Vanguard, Fidelity, Schwab, you will be able to purchase the BlackRock ETFs through those companies. Vanguard has been known to sort of censor investments like leveraged ETF products.
SEC approved ETFs have SIPC insurance and a lot of regulations and requirements for proof of reserves and oversight by independent parties.
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