Investment management giant BlackRock filed an amended version of its spot Bitcoin ETF S-1 application form on Wednesday, following numerous updated filings from rival firms.
“Due to the unregulated nature and lack of transparency surrounding the operations of digital asset exchanges… as well as the wider bitcoin market, the value of bitcoin and, consequently, the value of the Shares may be adversely affected, causing losses to Shareholders,” wrote BlackRock. Regarding such rivals, however, BlackRock’s amendments acknowledge the fierce competition the company faces from other applicants, which may absorb market share from BlackRock’s own product. “There can be no assurance that the Trust will achieve initial market acceptance and scale due to competition.”The new applications also explain how BlackRock will calculate Bitcoin’s price, using an aggregate from several spot Bitcoin exchanges to form its benchmark.
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Source: CoinDesk - 🏆 291. / 63 Read more »