The world's largest asset manager, BlackRock, intends to cut at least 600 employees in connection with the upcoming launch of spot Bitcoin ETFs in the United States.

The company plans to reduce its workforce by 3% as part of a planned corporate restructuring, according to sources close to the matter, as reported by Fox Business.

According to the source, the planned employee reduction is a standard practice for asset managers. Last year, BlackRock already conducted a similar wave of layoffs based on employee performance metrics. However, there are no official statements confirming the latest rumors at this time.

It is presumed that one of the motives for this decision is the company's transition to a more mature stage of its development. The funds saved from the layoffs will be directed towards expanding the business, as sources close to BlackRock have indicated. In particular, the company plans to invest in technology and alternative products to diversify its assets beyond traditional stocks and bonds.

Currently, the asset manager is awaiting a decision from the U.S. Securities and Exchange Commission (SEC) regarding spot Bitcoin ETFs. Alongside other issuers, BlackRock made the latest changes to its applications on January 6, marking the final step towards regulatory approval.

Fox reporters note that the company expects approval on Wednesday, January 10, as the deadline for the ARK and 21Shares applications expires on that day. BlackRock's application deadline is only on the 15th.

Bloomberg analysts also predict that the new instrument will be approved this week. Meanwhile, Dennis Kelleher, the CEO of the nonprofit organization Better Markets, calls on the SEC to reject all applications. In his opinion, the launch of spot BTC ETFs could cause "massive harm to investors."