As I read about the Bitcoin ETF application submitted by BlackRock, which reportedly is one of the largest financial entities in the world, I am reminded of two things:
First: seven other multibillion dollar companies have tried and failed to get the SEC to approve their application for a Bitcoin ETF, but BlackRock is a Trillionaire company.
Second; money talks and people walk. BlackRock May succeed where others have failed because they are a thousand times bigger than the next largest company that tried in the past.
Timing
Additionally, since recent unrelated court cases have raised the repeated failed Bitcoin ETFs up in court, where the SEC’s reasons for declining applications were bathed in the light of reason by judges, and found to be unreasonable, and flawed.
Thus it may be the right time for another application, which could succeed.
Last words
Paradoxically BlackRock listed Coinbase as the proposed custodian of all the Bitcoin the ETF would possess !
An interesting choice seen in the light of Coinbases current troubles.
But it suggests to me two things;
-First, that this application was begun before the current Coinbase difficulties.
-Second, and more importantly by far. it reflects the surprising and unexpected nature of the SEC actions against Coinbase, as it is a new company who just passed through the SEC microscope as an IPO.
No rational Wall Street firm would anticipate such large scale litigation by the SEC after Coinbase passed through such a rigorous inspection.
But this crystallizes the current situation with the SEC perfectly. It appears to be beyond reason and rationality.
