In a recent development on Thursday, Steven Schoenfield, CEO of MarketVector Indexes, predicted the Securities and Exchange Commission (SEC) will greenlight a Bitcoin spot ETF within the next three to six months. This optimistic projection was shared at CCData's Digital Asset Summit. Martin Bednall, CEO of Jacobi Asset Management, echoed this sentiment, foreseeing a simultaneous approval of all ETF applications by the SEC.
BlackRock (NYSE:BLK), with its impressive 575-1 success rate for ETFs with the SEC and a dominant presence in the ETF landscape, is well-positioned for such an approval. The firm's pending application is under discussion and its successful ETF history could give it a competitive advantage. According to InvestingPro data, BlackRock has a market cap of 95.03 billion USD and a P/E ratio of 18.37, indicating its strong position in the market. The firm has also shown a consistent performance with a return on assets of 4.23% as per the latest metrics.
Schoenfield also projected a substantial inflow into Bitcoin products, ranging from $150 billion to $200 billion if the Bitcoin spot ETF gets the nod from the SEC. This forecast aligns with the potential impact of BlackRock's entry into the Bitcoin ETF space.
On Wednesday, at the same summit, former BlackRock directors Schoenfield and Bednall discussed various topics including competition from other firms and the possible conversion of Grayscale Bitcoin Trust into an ETF. The ongoing Grayscale lawsuit could potentially hasten this transition.
Interestingly, Larry Fink, BlackRock's chief who was once critical of Bitcoin, now seems supportive of it. Fink has previously described Bitcoin as "digitizing gold". Further insights from BlackRock will be shared by Monique Le at Benzinga's Fintech Deal Day.
In related news, amidst these developments, EDX Markets CEO has called for accountability following recent controversies in the sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.