News - BlackRock expects approval next Wednesday

By Mike Hesp

BlackRock expects approval next Wednesday

Bitcoin (BTC)

BlackRock, the world's largest asset manager, expects the U.S. Securities and Exchange Commission (SEC) to approve its application for a Bitcoin spot ETF next Wednesday, according to a report by Fox Business.

In a report from Fox Business new details were revealed about the possible approval of the Bitcoin spot ETF. There is also talk of possible layoffs.

BlackRock fired: BlackRock, the world's largest asset manager, plans to lay off about 3 percent of its global workforce in the coming days.

It involves about 600 employees: These layoffs, which have not yet been reported, are described internally as routine. Last year, BlackRock had similar rounds of layoffs based on performance reviews.

Increase in share price in 2023: After falling 21 percent in 2022, BlackRock shares rose 6 percent in 2023.

Growth in ETF business: Last year, the ETF-business of BlackRock an inflow of $187 billion.

Bitcoin Spot ETF prediction: BlackRock expects SEC approval Wednesday for its new Bitcoin Spot ETF - a first in crypto investment product trading on public exchanges.

More spot ETF applications: BlackRock is one of several companies that filed updated 19b-4 applications Friday for proposed bitcoin spot ETFs. These companies also include Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. In addition, the Cboe BZX exchange filed forms last week for VanEck, WisdomTree, Pando Asset AG and Franklin Templeton.

BlackRock's future direction: savings from job cuts will be used to expand into growth areas such as technology investments.

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