Jobs and Employment Information about jobs, labors, experiencies and news Related Articles
BlackRock, the world’s largest asset manager, has taken a major step forward in the race to launch its own spot bitcoin ETF. The company plans to start funding its spot bitcoin ETF later this month, which could signal a major milestone toward approval of the long-awaited bitcoin ETF.
The information was discovered by Scott Johnson, an investor at Van Buren Capital, who also noted that BlackRock received a CUSIP number for the ETF.
The CUSIP number acts as a unique identifier for the securities, being important in the issuance and settlement of transactions.
CUSIP (Committee on Uniform Securities Identification Procedures) is a securities identification system used in the United States and Canada. It provides a unique alphanumeric number to identify financial securities such as stocks, bonds and other financial assets. CUSIP is used to facilitate the identification and tracking of securities in financial transactions, negotiations and accounting records.
Each financial security is assigned a unique CUSIP number, usually consisting of nine characters. This number helps to avoid confusion and mistakes when identifying headers, as each header has a unique code. Financial institutions, broker-dealers, regulators and other market participants use CUSIP numbers to ensure the accuracy of securities identification in their systems and records.
BlackRock to start funding bitcoin spot ETFs
ETF financing usually occurs when initial financing is provided, usually by a bank or broker, to purchase some constituent units in exchange for shares of the ETF that can be traded in the market on the first day.
Eric Balchunas, senior ETF analyst at Bloomberg, noticed this change in a correction to BlackRock’s Bitcoin Spot ETF and noted that it usually happens when ETFs are getting ready to launch.
BlackRock already accelerated the race for a bitcoin spot fund when it filed with the SEC in June. The company has a notable track record of successfully launching ETFs, raising expectations that the application may have a better chance of approval this time around.
