BlackRock ceremonially submitted an application for a spot Bitcoin ETF to the Securities and Exchange Commission on Thursday. BlackRock, one of the world's largest financial institutions, did not need to actually seek approval from the SEC as they own the regulators. They did though out of respect for procedure and history.
"Many others have applied to open a spot Bitcoin ETF, and have been rejected by the SEC," said BlackRock CEO Larry Fink. "We just want it to look like we went through the proper channels instead of only getting approval because we are BlackRock. One thing that is certain though is that this is the start of the bull run."
This move marks another momentous moment in BlackRock's history as a company. They have consistently acquired assets and grown over the past decade. In recent years, they acquired almost all of the single family homes across the country, as well as recently acquiring the entire country of Ukraine from President Volodymyr Zelenskyy. It is unknown what the financial titan will continue to acquire in the near future, but it appears that they plan on owning the entire world.
Bitcoin Twitter had mixed reactions to the news. Some wined about how Barry Silbert should have gotten approval over a year ago for his ETF application. Others bickered over whether the ETF was actually an ETF or a trust. Many though appeared to be wary of BlackRock's influence in the Bitcoin space.
One notable thing on the filing was a detailed plan to fork Bitcoin in order to make an ESG friendly and OFAC compliant chain. Many Bitcoiners were excited at the chance to relive the block wars with higher stakes. One twitter user expressed his excitement to market sell his forked coins at launch.
The Bugle reached out to Fink for comment on BlackRock's plans to fork Bitcoin and he responded by email saying,
"It is apparent that Bitcoin is dangerous to our business model. Hard forking it to influence people's behavior away from being focused on privacy and sovereignty, to instead focus only on number going up is important. For BlackRock to get involved with this asset class, we need to make sure that we preserve the status quo by only allowing banks to be the ones to launder money. We plan to crank up the money printer to full capacity in order to pump the price of our forked version. The majority of people will go with the one that is worth more dollars."
It is yet to be seen if BlackRock's plans to fork Bitcoin will be successful. An anonymous omen regarding the ETF was that Jim Cramer expressed his excitement for the ETF on his show Mad Money. One thing that is clear is that the Bull Market has begun as institutional adoption is here and we finally have a Spot Bitcoin ETF.