BlackRock’s $10 Million BTC Purchase Set For Today As Bloomberg Expert Predicts Imminent SEC Approval For Bitcoin Spot ETFs

cryptonews.com:

Asset management firm BlackRock is set to purchase $10 million worth of Bitcoin on Friday, fueling speculation that the Securities and Exchange Commission (SEC) may soon approve Bitcoin spot exchange-traded funds (ETFs).

During a private webinar with CryptoQuant on Thursday, Bloomberg Analyst James Seyffart predicted the SEC will likely approve several Bitcoin spot ETF applications in the coming days, indicating that the SEC has run out of reasons to deny Bitcoin ETFs after a recent court ruling against the regulatory agency.

“The SEC is either going to have to come up with a new reason. Because you’ve been denying these ETFs for all these reasons. Courts said those reasons don’t matter anymore, and now you’re coming out with new reasons,” Seyffart said. “I don’t think that’s an option for the SEC. The other option is to get them to withdraw, in which case, again, I don’t think that’s likely because the SEC is backed into a corner here. I think they have to approve.”

For everyone asking about today:
Today we're looking for 19b-4 amendment filings that'll include changes that SEC and issuers have been discussing for weeks. Namely cash create/redeem. (honestly I expected these by now)

Still expecting potential approval orders next week. https://t.co/ywdf34Y8VI

— James Seyffart (@JSeyff) January 5, 2024

BlackRock revealed its plans for the $10 million Bitcoin buy in an amendment filing for its proposed spot ETF. The purchase comes from the proceeds of the fund’s seed capital investments back in October.

While the seed purchase doesn’t guarantee an ETF launch, Seyffart said it signals BlackRock’s confidence in imminent SEC approval. Rival firm Bitwise has also said last week it could seed its proposed Bitcoin ETF with up to $200