Topic: BlackRock and Fidelity both apply for bitcoin ETFs (Read 324 times)

What is certain is that this is still in the public spotlight as well as the crypto market where it seems that the SEC still does not have enough strong evidence that Binance US is abusing customer assets and breaking the law with BAM Trading. Whether it is final or not, only the SEC knows.


At least the progress of ETFs approval is already showing results. If I read in the news, Hong Kong's largest bank, HSBC has now given the green light for customers to trade Bitcoin and Ether ETFs listed on their stock exchanges, at least Bitcoin ETFs have had a positive impact on the crypto market at the moment.

Agreed. 1 spot ETF approval would cause more spot ETF approvals and this will certainly give institutions who control billions in pension funds and retirement funds some exposure to bitcoin.

Also, remember the pump that occured on March 12? Much of this was CZ's $1 billion conversion of Binance's BUSD holdings into Bitcoin, Ethereum and Binance BNB token. Approve 5 ETFs and I reckon there would be 5 pumps similar to CZ's March 12 pump hehehe.



Given the changes in stable coins and banks, #Binance  will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC , #BNB  and ETH. Some fund movements will occur on-chain. Transparency.

Source https://twitter.com/cz_binance/status/1635131601884700674

I don't see any other detailed motives about what happened. The whole thing is that the SEC does not want the US investor to be exposed to this type of asset at the present time, and what accelerated these things is the huge losses that investors suffered in the year 2022, not to mention the FTX crisis, so they are trying to extract any A platform that could collapse in the future or be managed with many doubts. Try to read what is happening as Blackrock paves the way belied by crypto small market cap.

Yes, I hope everyone uses their brains and should speculate that the SEC under uncle Gary is really acting dishonestly. They regulate the cryptospace through enforcement of unclear rules. The exchanges ask what are the rules to clarify, however, the SEC cannot or will not give them an answer. This is a very head shaking situation because the consumer which the SEC was supposed to protect is financially affected everytime they announce something about the crackdown.

Rumors or not. I guess this is a good indicator of bullish market for bitcoin and crypto market. Also it seems the headline about sec and binance are startee to become blur and it didnt go their ways.

With the upcoming good news, people anf more institutions would not be hesitant now to pour some funds on crypto. Plenty of newd about legality still a better market noise for crypto market it is.

Let's hope that at least one gets endorsed this time around, I have been hearing about ETF endorsement for year's and none ever became a reality, so that's why I am not going to take this very serious, it could be a dead end on the long run.

If at least an ETF gets authorized, it will be an enormous effect for Bitcoin and the entire crypto space and honestly, I will considered this year investors as the lucky ones because the sound of 'getting into crypto investment very early' will make even more sense right now, as many money we've never seen before will enter into the crypto market.

What we have left now is the hope, I do hope this won't be a time wasting hope wishing all over again.

As suspected first fidelity files for ETF and now it is part of a new exchange. SEC playing it game behind this big announcement. My conspiracy theory is no more a conspiracy now. It is gradually becoming a reality and it won't be much longer when everything gets revealed on main stream media.

I would probably be of the same thinking as yourself.

With a Bitcoin ETF being a possible investment tool it can mean an easier route into
Bitcoin investing for people who otherwise wouldnt or dont want to have to learn
all the technicalities of owning it outright.

There will always be pure Bitcoiners and some who like and ETF fund are prepared
to HODL long term.

So yea "the more the merrier"

Why do you have to link the Binance/Coinbase "legal battles" with these ETF proposals?
There's nothing that links Binance/Coinbase with Blackrpock and Fidelity.
By the way, AFAIK there's a settlement between Binance and the SEC, so I wouldn't call the Binance case a "catastrophic litigation".
I couldn't care less about Bitcoin ETF news anymore. The year is 2023, not 2017. The Bitcoin community shouldn't care about all Bitcoin ETF proposals, that are coming from here and there.
I don't want to comment the conspiracy theories about the US government wanting to take control over the crypto industry via Blackrock.
There's not enough evidence proving such theory.

I have heard a lot of news about Fidelity and BlackRock for more than 3 years, and with every news related to the ETF, the analyzes begin, which quickly disappear with every postponement, to come back again with every news. and with the conditions that the market is going through, the need to invest in new high-risk assets does not seem attractive to the regulatory committees, so it is inevitable that we will witness any approval of any ETF soon.

If you search the forum for a Bitcoin ETF, you will find annual analyzes, and many of these analyzes are optimistic annually.

That's right, Fidelity Investments, which manages over $4.2 trillion in assets, is preparing to launch a Bitcoin ETF and make a bid to acquire Grayscale. My view is that their position of influence within the financial industry, especially with their extensive resources and expertise, has the potential to have a significant impact on the cryptocurrency market if their proposed Bitcoin ETF is approved.

I am here only looking at it from the perspective of Market Legitimacy and Increased Accessibility. In my opinion, the entry of well-known asset managers like BlackRock and Fidelity into the Bitcoin ETF space adds credibility to the cryptocurrency market. That means their involvement can bring in more traditional institutional and financial institution investors, leading to increased adoption and acceptance of cryptocurrencies making it easier for retail investors to gain exposure to cryptocurrencies.

ETFs are a popular investment vehicle due to their simplicity and accessibility, potentially opening up the crypto market to a wider range of investors although the Securities and Exchange Commission (SEC) is also wary of approving Bitcoin ETFs citing concerns over market manipulation, storage, and investor protection. I think that's the SEC's job on this.

You are very fast, I also just saw this question on one of my local forums. It could be said that everything coincided in an unusual and suspicious way. Apparently, everything the SEC does has a bigger purpose behind it, and it's almost clear now. After the crackdown on Binance and Coinbase, the major Wall Street players have officially entered the crypto market. The entry of financial giants into the market is a positive for the market and shows its potential, but your question is also one that deserves attention, and I don't think we'll have a choice.

BlackRock is suddenly “HODL 4 life” or is it a secret agenda?  In this quick fun video, we analyze the situation,
https://www.youtube.com/watch?v=HtPEozss1BQ

Why are these traditional financial insititutions beginning to enter the cryptospace despite being in the middle of Gensler's crackdown? It is not only BlackRock and Fidelity entering. Citadel Securities and Schwab's EDX cryptocoin exchange has begun their operation. Deutsche Bank has applied for a digital currency license.

It will not be shocking if there was really a consipracy against Binance, Coinbase and the others to have traditional finance do a takeover and rule the cryptospace.

The question for us will be if we would want to use JP Morgan cryptocoin exchange or be forced to hehehe.

I am extremely curious to see the result of BlackRock's application because usually when they apply for an ETF, they get approved. It's going to take a while for sure, it's not going to be quick, but if there is a bitcoin ETF that could actually be approved it's BlackRock's. Potentially there is a ton of money waiting to flood into the market.

It makes sense. If you can't control it profit from it, eh? Plus it all just makes sense. Recent crackdowns against crypto and exchanges, the government going ham against people and entities who use cryptocurrencies in general, SEC taking actions against Binance, now even throwing the 'money laundering" card even though they don't really have verifiable evidence and Binance pragmatically operates on full without problem which would've been a good indicator that something was awry to begin with.

In any case, conspiracy or not I don't see this buyout as a win for the industry or for decentralization. They're vying for control that's for sure, and a large company doing that isn't going to sound well for the common joe.

These are like signs of the upcoming bull run.

Yep.

That's how should everyone react to these news but no matter what happens, whether these two or only one gets approved or even none then as an individual the key here is to DCA.

This is how we're going to enjoy the upcoming bull run. And these asset managers know what's in store if it comes.

Does anyone genuinely think this will be approved anytime soon? Personally, I'm not convinced. The narrative of a Bitcoin ETF has been strong since 2020 but still there is no ETF.

I know the general theory that only an asset manager like BlackRock or Fidelity would be able to get the first ETF approved, in order to give traditional finance a first mover advantage, but even so with the news of Binance and Coinbase SEC lawsuits it still seems like a long way to go. The irony being that if there isn't an ETF approved this year, it'll probably take another few years during a consolidation period in the market.

Blackrock has like a 500 to 1 success rate with the SEC, some I'm betting on success.

Step in the FOMO's. DCA FTW

That's too optimistic — knowing that BlackRock's spot ETF proposal isn't even guaranteed to go through even if you argue that it's likely.

Spoiler alert: a spot ETF isn't going to stop bitcoin from having price declines.

It is true that Fidelity's apply for the Bitcoin Spot ETF is still unconfirmed, but the subject seems very likely to me. They certainly do not want to lag behind the competition that is BlackRock. And even if it turns out to be just a rumor, these events probably stopped some further declines in the crypto market.

I guess we should get ready for two more ETF rejections later this year lol.

These are I suppose the two biggest names yet to try to file a Bitcoin ETF, but as long as Gensler is head of the SEC I don't see any ETFs getting approved. Gensler hates Bitcoin and Crypto and wants to shut down the entire industry in America, no way his SEC approves a Bitcoin ETF which would help Bitcoin grow in America.

There is a bill getting started in Congress right now that would fire Gensler and redistribute power in the SEC a bit more so the head of the SEC wouldn't have so much control. I don't know if there is much chance of it getting passed (I very much doubt it), but kicking Gensler out is the only way an ETF is gonna be approved in the next few years (his term expires in 2026). So realistically it'll probably be at least 4 years until an ETF gets approved in the US.

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No Blackrock has not received approval. And they will not. The SEC will not approve a Bitcoin ETF, at least not for a few more years, they have made this very clear over the past 5 years.

The head of the SEC hates bitcoin and crypto and wants to destroy the industry in America. There is zero chance of either of these ETF proposals being approved.

And no, even when ETFs do start to happen, perhaps at earliest late in this decade, they cannot manipulate the market. ETFs mean customers buy the ETF and the financial firm buys Bitcoin to hold on the customers behalf in the ETF. There is no manipulation of the market possible. It would simply be another avenue for more traditional finance people to get Bitcoin (granted they won't actually own Bitcoin, like as in be able to use it, ETF means they would simply own shares in the ETF and the financial firm would store the BTC for them purely as an investment asset, never to actually be used). The only effect of ETFs would be more Bitcoin gets locked away and off the market, which obviously would be have a bullish impact for Bitcoin's price.

There was a futures impact on the price - it went down.
The futures ETF was launched in the middle of the bitcoin's bull run and many people say that the run was cut short exactly because of that launch.
When you give big investors, who never wanted to buy bitcoin in the first place, a chance to short it you can expect they'll take this chance.
Bitcoin went from 20 to 60k in a few months of 2021, so it was obvious an asset that made 3x is going to be shorted by traditional investors who don't care about tech and want to make a quick buck.

The main difference between futures and spot is that to launch spot they need to own some bitcoin, so if blackrock gets the SEC to approve the price will pump. How much we can only guess, but I'm sure we'll go above this years high, to the high 30s, or higher.

I guess BlackRock has already received the approval for their bitcoin ETF where Coinbase is going to become their custodian. Isn't it the case?

Fidelity's case is the new one. I am worried when I see such financial giants show their interest into something that they do not control yet. I understand and appreciate the fact that a lot of liquidity will flow into the crypto market due to such ETFs. But who will ensure that they do not start manipulating the market?

Assets under the management of the two companies are impressive, but one should not think that a significant part of these funds will start spilling over into BTC if the SEC approves that spot ETF at all. We thought that futures BTC ETF would have some impact on the price, and today no one mentions them anymore.

It's one thing to have a financial instrument that will make it easier for big investors to invest more easily, but something else is to convince them that Bitcoin is something they should invest in.

Gary Gensler will no longer be able to arbitrarily approve or reject those applications.

Mr. Patrick McHenry and many USA. Congressmen and women are observing Gary Gensler and SEC. They can not interpret same legislation in different ways for different applications. They could do that in the past two years but will have more challenge from the Congress to do the same in future.

More companies are leaving the USA. because of such arbitrary regulations and it's bad in eyes of the Congress.

Peter Schif posted something about Blackrock theoretically doing this knowing that if would have a bullish effect on the market just so that they could sell it down the road for profit, pure speculation but honestly that could be their strategy.....

I see that some people are vehemently against this, I see it as more the merrier.

Even if they are not good investment products for people, at a surface glance it shows others that Bitcoin can be a good investment.

Some people don't agree with BTC being investment but rather it should always be used for trade or something else that is more of an individual view.

I am a firm believer in not your keys not your coins, but and this is a big important *but* there are many people that don't have a clue about technology don't have a clue about investing and a host of other things. They could be brilliant pilot or and amazing auto mechanic or any of hundreds of other occupations, yet they could barely get to Chase to do their online banking. For them, having to explain how to them do it properly is probably more daunting than figuring out how to remove your own appendix.

With products like this, all they have to do it put in some money and click buy.

-Dave

If we are going to consider their both reputation, i think they are more deserving for the approval of these as requested, but we shouldn't also forget about many offers the SEC had turned away without approval on this same matter, though we believe with everything ongoing with the SEC which are the government representative in control of exchange traded funds and their recent regulations with exchange, they may likely grant this offer just on the benefits of their own end if the applicants can both meet up to thier requirements for granting this offer.

Getting the ETF approval is the main issue right now, will this time be different from all the disappointing past declines? The Fidelity is new I guess but I still don't expect anything bullish from all this, not until something gets approved this time around, not the other way around.

There is a rumor going around that Fidelity is trying to buy Greyscale to be able to go for the 4.8 trillion ETF proposal, the future looks great for Bitcoin but none of these will matter if everything stayed a rumor and nothing is approved.

majority of ETF's of any currency/asset offering, are and have been structured as trusts.
they purposefully separate the 'trust funds' asset holdings away from the main companies assets to avoid 'co-mingling' and having to pay taxes on trades/profits.

its what makes an ETF an ETF.. its what makes it different from standard company shares/stock options

Just take note that Fidelity applying for a Bitcoin Spot ETF is still just a rumour. (Unless I've missed some news, that is.)

The BlackRock application alone is a good reason to be bullish though.

This might sound like conspiracy, but this is what I feel about this news. The government and the SEC want to control the flow of Bitcoin and this is the strategy that they came out with. Through these ETFs both these companies would try to wipe out exchanges from the US. As of now, the government is unable to track transactions happening between Exchanges and wallets. After the ETFS of both these companies is approved the government would compel its citizens to invest in Bitcoin through the ETF, for that they need to fill in all the details on a paper. Through those papers, they would be able to track Bitcoin and gain control over it.

To support my theory that exchanges would shut shop in the US. I would like to ask why SEC is backing up the Prometheum exchange. I had never heard of this exchange in the past. I came across this name 4 days back when I read this article. Everything about this exchange looks suspicious is grows more when SEC is backing it.

The Fidelity I guess is new. I am assuming it’s also not an ETF but it’s a trust since most likely a Bitcoin etf will never get approved.

This is not surprising since we will see more and more of these Bitcoin trust proposals in the near future. Will they approve it? Perhaps since it’s Blackrock and their products are almost always approved. Only 1 rejection out of 500 applications.

With all this catastrophic litigation against Binance and Coinbase and a legal battle against Greyscale by none other than the SEC, two asset managers Blackrock and Fidelity are applying for their own Bitcoin ETFs. (Source).

BlackRock manages ~8.1 trillion dollars worth of assets and a Fidelity manages ~4.2 trillion. Fidelity also wants to buy out Greyscale, who themselves would be in big financial trouble if these ETFs get approved - and they very much look likely to be, because these managers have a good record of getting their ETFs approved.

For reference, the entire crypto market cap is around ~1 trillion dollars (also from Reddit).