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BlackRock receives $100,000 in startup capital for Bitcoin ETF

BlackRock receives $100,000 in startup capital for Bitcoin ETF

BlackRock, the world's largest asset manager, received $100,000 in startup capital from an unknown investor in October 2023 for a spot Bitcoin exchange-traded fund (ETF). This was revealed in the most recent filing with the United States Securities and Exchange Commission (SEC).

Unknown investor and new plans

According to the SEC filing, the investor agreed to purchase 4,000 shares for $100,000 on October 27, 2023, with a value of $25.00 per share.

The latest filing from BlackRock also revealed certain details about the asset manager's plans to pay the sponsor fee, with the intention of borrowing Bitcoin or cash as short-term trade credit from the trade credit provider. This allows BlackRock to charge their fees through a loan instead of selling BTC, which also has less impact on the BTC price.

BlackRock was one of the first major players to submit an application for a Bitcoin ETF in July. BlackRock's application is one of the 13 pending decisions from the SEC. Although the SEC has rejected Bitcoin ETF applications in the past, the crypto community is hopeful for approval.

Altcoins: IoTeX and FLOKI experience significant increases

IoTeX (IOTX) has risen by 33.5% in the past 24 hours. The cryptocurrency has been showing steady increases throughout the month and has risen by 63% in a week. FLOKI has also experienced a significant increase, with a 33% rise in the past 24 hours.