Key Takeaways
- As per reports, employee layoffs are part of BlackRock’s routine internal adjustments
- Reportedly, BlackRock is optimistic about its Bitcoin ETF approval
BlackRock, the world’s largest asset manager, is reportedly set to trim its global workforce by around 3%, impacting approximately 600 employees. The SEC’s decision on BlackRock’s Bitcoin ETF is expected to be announced by January 15, although the company is optimistic about approval on January 10, the same day as the SEC’s deadline for the ARK 21 Shares spot Bitcoin ETF.
The potential approval of spot Bitcoin ETFs has garnered significant attention in the cryptocurrency community, given its potential to attract substantial inflows into the digital asset sector. A spot Bitcoin ETF, unlike its futures counterpart, directly invests in bitcoins as the underlying asset, offering ordinary investors exposure to Bitcoin’s price movements in their regular brokerage accounts.
As per media reports, the employee layoffs are part of BlackRock’s routine internal adjustments, with decisions influenced by performance evaluations over the past twelve months.
BlackRock’s application for a spot Bitcoin ETF, accompanied by a 19b-4 amendment, was part of a rush of amendment forms filed with the SEC by various asset managers. Other companies submitting these amendments include Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree. The SEC commissioners are expected to vote on these exchange-rule filings in the upcoming week.
Investors and industry observers are eagerly awaiting the SEC’s ruling, which, if positive, would mark a significant milestone in the cryptocurrency space. Despite previous rejections over a decade ago, thirteen companies have filed for a spot Bitcoin ETF.
As the SEC decision day approaches, the cryptocurrency market remains on high alert, anticipating the potential approval of spot Bitcoin ETFs and the subsequent impact on market dynamics.
