The world's biggest crypto-currency BTC jumped 15% from $31,700 to $34,200 and then continued the rally to touch $35,300 late Monday. The Analysts now expect the SEC to approve multiple BTC ETF applications sooner than expected after a US district court mandated an order for the SEC to reassess Grayscale's application.
The recent filings suggest that BlackRock intends to contribute seed funding at an unspecified date in October. In this case, BlackRock would buy some amount of Bitcoin to start the fund. The purchase, if it does indeed take place before the end of the month, shows that BlackRock expects to launch the fund reasonably soon.
Despite growing optimism around Bitcoin ETFs, which could provide mainstream and institutional investors with a regulated way to access Bitcoin, the SEC has not yet approved the applications as of now. But the developments show that it could happen sooner than expected.
At the time of writing this article, BTC is trading around $34,500 with a market capitalization of $675 Billion.