In the updated application for the issuance of a spot Bitcoin ETF by Blackrock, it is stated that the initial investments in this derivative will amount to $10 million.

An investor associated with Blackrock's sponsor purchased 4,000 seed shares of the Bitcoin ETF on October 27, 2023, at a price of $25 per share, paying a total of $100,000. On January 3, this investor intends to exchange seed shares for fiat currency and then purchase baskets of fund seed shares, each priced at $25. Thus, the transaction amount will be $10 million, and Blackrock employees will invest these funds in bitcoins.

According to Bloomberg analyst James Seyffart, it is very likely that Blackrock will implement its plan to issue a Bitcoin ETF, provided it receives approval from the U.S. Securities and Exchange Commission (SEC). The company intends to carry out this issuance shortly after acquiring $10 million worth of bitcoins.

Representatives of Blackrock have already held six meetings with employees of the SEC to discuss issues related to the cryptocurrency derivative. As a result of these meetings, the company amended its application for the creation of a Bitcoin fund three times. Now, the regulator must make its verdict by January 10, 2024.