Bitcoin soars to $30K on rumors of BlackRock ETF approval

abdelaziz Fathi

Bitcoin’s price skyrocketed to almost $30,000 on Monday morning, fueled by a misleading rumor on the social media platform X, previously known as Twitter. The unfounded claim suggested that the Securities and Exchange Commission (SEC) had greenlit BlackRock’s application for a spot bitcoin ETF.


However, BlackRock quickly dispelled these speculations. Speaking to the media, a spokesperson from BlackRock clarified, “The iShares Spot Bitcoin ETF application is still under review by the SEC.”

It was Cointelegraph, a prominent crypto news website, that initially disseminated the false information on X.

To be sure, the SEC delayed its decisions on several bitcoin exchange-traded fund (ETF) proposals in late September, leaving many in the crypto industry feeling pessimistic for any future blessing from the agency.

SEC filings indicated the securities regulator would give itself until January to make decisions on ETFs filed by Ark 21Shares and GlobalX. The latest round of delays includes bitcoin ETF applications from BlackRock, Valkyrie, and Bitwise.

The SEC initially delayed its decision on these funds on August 31. Additionally, Hashdex’s bitcoin ETF decision, which was expected around October 6, was also postponed.

The delays are seen as an effort to address potential disruptions caused by an expected government shutdown. SEC Chair Gary Gensler recently warned that a shutdown would leave the regulator with a “skeletal” staff.

BlackRock’s bitcoin ETF application is highly anticipated, given its status as a $9 trillion asset manager with a strong track record of SEC approvals. Analysts suggest that BlackRock’s approval rate with the SEC stands at roughly 575-1.

Despite the crypto winter, BlackRock has been increasing its exposure to digital assets space and blockchain technology. The asset manager made headlines in January after it added bitcoin as an eligible investment to its flagship Global Allocation Fund, which is one of the most preferred vehicles for ordinary and passive investors.

A company filing shows that the move enables BlackRock to allocate part of the fund’s $15 billion to cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC. In December, the New York-based financial conglomerate announced the launch of its crypto ETF in Europe despite the regulatory concerns in the continent.

BlackRock also participated in a $400 million funding round for Boston-based fintech startup Circle. In addition to its investment and role as a primary asset manager of USDC cash reserves, BlackRock entered into a partnership with Circle to explore capital market applications for its stablecoin.

As of now, U.S. investors have access to bitcoin futures ETFs, which invest in bitcoin futures contracts rather than the digital currency itself. These ETFs involve agreements to buy or sell bitcoin at a predetermined price in the future.


Read this next

Digital Assets

Philippine bars access to Binance, citing unregistered operations

The Philippines’ Securities and Exchange Commission (SEC) is moving to block access to Binance due to regulatory concerns, citing the platform’s operation without proper registration and authorization in the country.

Digital Assets

FTX cleared to sell investments in Grayscale and Bitwise funds

Bankrupt cryptocurrency exchange FTX has received approval from the bankruptcy court to start selling its stakes in digital trusts managed by Grayscale Investments.

Digital Assets

Nexo launches Dual Investment for yield earning and price prediction

“Dual Investment revolutionizes how users engage with BTC and ETH, offering a flexible, intuitive, yet sophisticated platform for predicting asset price movements, all while securing high yields.”


Aquis Stock Exchange goes live with cloud-based matching engine powered by AWS

“By running on AWS, the Aquis Stock Exchange is driving transformation across the capital markets industry while continuing to enhance the scalability, functionality and innovation that will benefit its members and stakeholders in an environment where security and resiliency are our highest priority.”


Options Technology certified as Microsoft Azure partner for Digital & App Innovation

“Securing our fifth Microsoft Solutions Partner status in less than 12 months is a testament to our commitment to innovation, excellence, and the highest industry standards. We are not only keeping pace with the evolving landscape of cloud technology but leading the way in shaping its future.”

Retail FX

N26 reports €213M in net loss, integrates stock and ETF

European digital bank N26 has shared its strategic roadmap for the next few years, underlining both its growth trajectory and financial targets. The announcement included key financial results for 2022 and projections for the coming years.

Digital Assets

Canadian ownership of crypto assets fell by 23%, study finds

Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.

Institutional FX

Fortex adds GBE Prime to liquidity offering

“This collaboration enhances our liquidity distribution capabilities, offering our clients improved pricing, order execution, and risk management. We look forward to the positive impact this integration will have on our clients.”

Retail FX

Fullerton Markets Caps Off Stellar Year with Dual Triumph at Gazet International Awards 2023

Fullerton Markets, one of the fastest-growing brokerages in the Asia Pacific, has today announced its remarkable success at the prestigious Gazet International Awards 2023, where it secured two coveted accolades, reinforcing its position as a global leader in multi-asset brokerage and marketing a triumphant end to the year.