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BlackRock Bitcoin ETF may allow banks to participate in spot buying

Published: April 29, 2024

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The new rules circumvent the SEC’s strict anti-cryptocurrency rules. 

BlackRock has changed the conditions of their Bitcoin spot ETF to allow banks access to the exchange-traded fund.

The move aims to make it easier for Wall Street banks to invest in the Bitcoin ETF without breaking U.S. trading rules.

Banks are not allowed to invest in cryptocurrencies, but with BlackRock’s new prepay model on their upcoming Bitcoin ETF, banks will get a chance to invest in the fund.

Banks such as JP Morgan and Goldman Sachs will be eligible to participate in the Bitcoin ETF fund without holding the cryptocurrency in their balance sheets.

The move is seen by many investors as bullish with Q1 2024 just around the corner.

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