BlackRock Eyes Bitcoin ETF

BlackRock CEO Larry Fink expressed support for the company's application for a spot Bitcoin exchange-traded fund in an interview with Fox Business, stating that it would democratize the crypto market and reduce investor costs. Fink highlighted the high bid spread and transaction costs associated with Bitcoin, which erode returns. BlackRock filed for a spot Bitcoin ETF with the Securities and Exchange Commission, aiming to expose investors to Bitcoin's market price without directly purchasing the cryptocurrency. While BlackRock joins other firms in pursuing similar ETF applications, many have faced rejections from regulators, including Grayscale, Fidelity, and the CBOE. The interest from BlackRock and other financial institutions is believed to have contributed to the Bitcoin price surge.