Bitcoin bounces on BlackRock buzz

Bitcoin, the currency created to subvert the financial establishment, has shaken off weeks of sickness with the support of Wall Street’s finest.

Satoshi Nakamoto’s rebel child is invigorated by the prospect of an ETF that offers investors exposure to spot bitcoin on a regulated U.S. stock exchange without the hassle of custody. Fueling optimism among some crypto advocates is BlackRock’s strong track record of getting the SEC’s green light for ETFs more generally, although it hasn’t filed for a crypto one before. It boasts a 575-1 approval rate, according to Rosenblatt Securities analyst Andrew Bond.

“As a consequence it has made it difficult to make an investment class for many people, myself included.”At present, American investors currently looking to gain exposure to crypto on stock exchanges are limited to futures-based ETFs. These funds track bitcoin futures contracts, which come with the additional costs of rolling over contracts on settlement days.

BITO, the first bitcoin futures ETF and the fastest to notch $1 billion in market cap after its launch in 2021, ushered in a wave of other futures ETF launches.

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