Uproar! BlackRock Receives $100K For Spot BTC ETF!

<p>&nbsp;"Wow is this one of the reasons why the price of BTC is so high?"</p><p><br /></p><p>BlackRock the world's largest asset manager has received $100,000 in seed funding from an anonymous investor for their October 2023 spot Bitcoin (BTC) exchange traded fund (ETF).</p><p><br /></p><p>Through a recent United States (US) Securities and Exchange Commission (SEC) filing, investors agreed to buy 4,000 shares worth $100,000 on October 27, 2023 when the price was $25 per share.</p><p><br /></p><p>Seed funding allows the ETF to finance the creation units* underlying the ETF so that the shares can be offered and traded in the open market.</p><p><br /></p><p><br /></p><p>*A new block of shares sold by an ETF company to a broker-dealer for sale on the open market</p><p><br /></p><p>A recent filing by BlackRock has also revealed certain details about its plan to pay sponsor fees, where it intends to borrow BTC or cash as trade credit from trade credit lenders on a short-term basis.</p><p><br /></p><p>BlackRock can charge their fees through loans instead of having to sell BTC which is an ETF asset, so that way they can't have much impact on the price of the digital asset.</p><p><br /></p><p>It is widely known that BlackRock's proposed “iShares Bitcoin trust” will invest in BTC instead of futures tied to the leading crypto and is one of 13 applications still awaiting regulatory approval.</p><p><br /></p><p>It is true that the SEC has previously rejected applications for spot BTC ETFs, but market experts predict that the regulator will most likely approve the first spot BTC ETF in the US by early 2024.</p>