BlackRock Sparks New Hope, Giant Companies Are Flocking to Follow in the Footsteps!

<p>&nbsp;Over the past two or three weeks, the crypto market has returned to the spotlight with a series of applications for spot Bitcoin exchange-traded funds (ETFs) from different traditional financial giants in the United States.</p><p><br /></p><p>Applications began to be seen in droves after BlackRock, the world's largest asset manager with more than $9 trillion in AUM, submitted a Bitcoin ETF filing with the United States' Securities and Exchange Commission (SEC) on June 15.</p><p><br /></p><p>BlackRock's move prompted several prospective Bitcoin ETFs to make new applications despite repeated rejections from the SEC in the past. The development also sparked a surge in BTC holdings that sent the crypto asset soaring past $30,000.</p><p><br /></p><p>Bitcoin ETFs will expose investors to cryptocurrencies without the burden of physically buying and holding digital assets. The SEC has rejected dozens of spot Bitcoin ETFs in the past, arguing that the proposals did not meet anti-fraud and investor protection standards. The regulator also cited the potential for market manipulation of the underlying crypto assets.</p><p><br /></p><p><br /></p><p>Immediately after BlackRock's ETF application, several other financial companies also took part in proposing ETF applications, among them WisdomTree. Investment management company Invesco also submitted its Bitcoin ETF application on the same day as WisdomTree. The firm and Galaxy Digital initially filed a joint application in September 2021.</p><p><br /></p><p>Soon after, financial services firm Valkyrie joined the ranks, filing for the Valkyrie Bitcoin Fund on June 21. The company's initial filing was pushed back to around Christmas 2021.</p><p><br /></p><p>Next up is the replenishment of investment manager VanEck on June 22 after two rejections in 2021 and March 2023.</p><p><br /></p><p>On June 29, Fidelity Digital Assets tried again by proposing a Bitcoin ETF application after modifications to make the document identical to BlackRock's submission.</p><p><br /></p><p>Meanwhile, Ark Invest Cathie Wood and Switzerland-based ETF provider 21Shares submitted their third application on April 25 to launch the ARK 21Shares Bitcoin ETF.</p>