We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BlackRock, Inc. (BLK) - free report >>
The Charles Schwab Corporation (SCHW) - free report >>
Invesco Ltd. (IVZ) - free report >>
Why BlackRock ETF Filing Sent Bitcoin Surging
Bitcoin is up almost 20% since the filing of a spot ETF application by BlackRock (BLK - Free Report) , the world's largest asset manager, though still down more than 55% from its 2021 peak.
Other ETF providers, including Bitwise, WisdomTree (WT - Free Report) , Invesco (IVZ - Free Report) , and Valkyrie, quickly joined the race with their filings for products similar to the iShares Bitcoin Trust. The first-mover advantage is huge in the ETF world, as we have seen in many cases.
We also learned last week that EDX Markets, a new cryptocurrency exchange backed by Citadel Securities, Fidelity, and Charles Schwab (SCHW - Free Report) , started operating recently. The launch of the exchange suggests institutional interest in crypto assets.
The SEC has so far rejected more than 30 spot bitcoin ETF applications on concerns regarding fraud and market manipulation. BlackRock's filing includes a proposed surveillance sharing agreement between Nasdaq and an unnamed bitcoin trading platform, likely Coinbase (COIN - Free Report) .
The decision on the lawsuit filed by Grayscale against the regulator over the conversion of its massive Grayscale Bitcoin Trust (GBTC - Free Report) into an ETF is expected this fall. GBTC operates more like a closed-end fund and can often trade at a premium or discount to its net asset value (NAV).
GBTC's discount to its NAV, which averaged around 40% this year, per the Wall Street Journal, has narrowed since BlackRock's filing to about 30%.
The ProShares Bitcoin Strategy ETF (BITO - Free Report) , the world's largest and most actively traded cryptocurrency ETF, invests primarily in bitcoin futures contracts.
To learn more, please watch the short video above.