What Happened on June. 21st | Racing to Launch Bitcoin ETF
In less than a week, three promient global asset managers races to submit fililing to the U.S. SEC to apply for a spot bitcoin exchange-traded fund (ETF).
The largest asset manager in the world, BlockRock, filed for bitcoin ETF on June 16. The firm has a eye-popping $9.1 trillion asset under management. Just days after BlockRock, another asset management firm WisdomTree submitted its Bitcoin ETF appliction. Another giant Invesco, who managed $1.5 trillion assets, also submitted its spot bitcoin ETF application on Tuesday.
In addition to Blockrock, Invesco, and Wisdom, rumors have begun circulating that Fidelity Investments may also follow suit to apply Bitcoin spot ETF. Fidelity has over $4.9 trillion assets under management.
Mark Yusko, founder of Morgan Creek Capital, said in a recent podcast that these large insitiutions may have been shorting bitcoin futures and buying the spot "it is hypothetically possible that since November of last year, when the futures-based ETF was issued," that large insititutions like JPMorgan and Blackrock have been "short the shit out of bitcoin". Similar things happen in gold market, "they make billions of dollars shorting the future and going long the physical."
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$1.5 Trillion Asset Manager Invesco Reapplies for Bitcoin ETF: Investment management company Invesco (IVZ), which has $1.5 trillion assets under management, reapplied for a spot bitcoin (BTC) exchange-traded fund (ETF).
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