BlackRock will purchase $10 million in BTC as starting capital for a spot Bitcoin ETF

Author: Savannah Fortis, Cointelegraph; Compiler: Songxue, Golden Finance

The world’s largest asset management company and one of the leaders of the first spot Bitcoin exchange-traded fund (ETF) in the United States BlackRock is expected to buy $10 million worth of Bitcoin.

On December 23, market research analyst James Seyffart posted on X (formerly Twitter) highlightingBlackRock’s plans to use purchased Bitcoin to launch its ETF’s intentions.

Seyffart later stated that the document mentioning the BTC purchase was not final, approved or "valid" - although the purchase was "consistent with our approved forecast in January".

The capital injection does not necessarily mean the launch of the ETF, but BlackRock could launch one soon, he said. Seyffart said using January 3 as a reference date was just a "tease", which he compared to Bitcoin's genesis block date.

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At the end of December last year, Bloomberg analyst Eric Balciunas also commented on expected purchases on January 3. He said that compared to last October’s First $100,000 in seed funding BlackRock plans to buy $10 million in Bitcoin would be “quite a step up”.

Balciunas also released the news that Bitwise’s S-1 form has been filed, Bitwise intends to inject $200 million into its pending spot Bitcoin ETF, Balciunas said, That "puts a huge dent in BlackRock's planned purchases."

"This will be a huge help early in the game. The AP is not naming names, but the problem is coming."

This is despite predictions that January 3 is a BlackRock buy Bitcoin’s seed funding date, but there are multiple alternative reports that the date has been pushed back to January 5th. Both dates remain speculative.

The U.S. Securities and Exchange Commission set an amendment deadline for spot Bitcoin ETF applications on December 29, 2023, including BlackRock, Van Eck and Valkyrie, which all submitted amendments at the last minute.

Analysts expect the SEC to announce a decision on these ETFs before January 10.