JAKARTA - BlackRock, the world's largest asset manager with an asset managed of 9 trillion US dollars (equivalent to Rp135 quadrillion), submitted a Bitcoin Exchange-Trad Fund (ETF) application to the United States Securities and Exchange Commission (SEC) on June 15.
The move has inspired several traditional financial companies to resubmit their applications. Several companies such as WisdomTree, Invesco, Valkyrie, VanEck, Fidelity Digital Assets, Ark Invest, and 21Shares have re-submitted the Bitcoin ETF application after previously being rejected by the SEC.
Bitcoin ETF is an investment instrument that tracks the value of Bitcoin without having to buy and store digital assets physically. This provides convenience for investors to participate in crypto markets without having to understand the complexity of crypto exchanges and digital wallets. On the other hand, the SEC previously rejected many Bitcoin ETF submissions citing concerns regarding investor protection and potential crypto asset market manipulation.
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BlackRock's submission has updated the hopes of several traditional companies in the United States to get SEC approval. Companies such as WisdomTree, Invesco, Valkyrie, VanEck, Fidelity Digital Assets, Ark Invest, and 21Shares hope to launch Bitcoin ETFs after their re-submittance. They carry various strategies and work closely with leading financial institutions such as Coinbase Custody and BNY Mellon to strengthen their filings.
However, there is no guarantee that the SEC will approve these applications. Regulators continue to consider investor protection issues, asset security, and market manipulation risks associated with crypto assets. However, the growing interest of leading companies in launching the Bitcoin ETF shows a strong push to expand access to crypto assets for traditional investors.
With the re-submission made by several leading companies, the Bitcoin ETF arrangement process in the United States is increasingly interesting to follow. The SEC's decision to deal with these proposals will have a significant impact on the crypto market and strengthen Bitcoin adoption as a more integrated investment instrument with traditional financial systems.
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