Ark Invest, one of the well-known companies in the crypto industry, evaluated BlackRock’s spot Bitcoin ETF application.
Spot Bitcoin ETF applications have become a race in the cryptocurrency industry lately. However, many large investment firms are still working on the first spot Bitcoin ETF.
Ark Invest: “BlackRock’s Spot Bitcoin ETF A Major Milestone On The Path To Institutional Adoption”
After BlackRock applied for a spot Bitcoin ETF in the past few weeks, there has been activity in the sector. After BlackRock, many investment firms have applied for more spot Bitcoin ETFs. With it, approval came from the SEC for a leveraged Bitcoin ETF.
While all these developments were taking place, Ark Invest evaluated this application of BlackRock in terms of the crypto sector.
Ark Invest says that BlackRock’s spot Bitcoin ETF filing could be “an important milestone on Bitcoin’s path to institutional adoption.” Ark Invest states in an investor report that BlackRock’s filing for a spot Bitcoin ETF earlier this month is an important step forward. Ark analyst Yassine Elmandjra states that BlackRock’s application is a sign that big institutional players have a positive view of digital assets with a long-term perspective.
Elmandjra states that BlackRock entered into a unique custody sharing agreement while working on its Bitcoin ETF to avoid the risk of market manipulation. However, he adds that other applicants can replace similar deals at an affordable cost.
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