Part 8/12:
This move was audacious. Historically, attempts to launch Bitcoin ETFs faced rejection from the SEC over concerns about market manipulation and investor protection. BlackRock’s impeccable record—having filed over 575 successful ETF applications—meant their application carried unprecedented weight.
The Historic Launch and Institutional Tsunami
On June 15, 2023, BlackRock filed its application with the SEC, signaling strategic confidence. The market reacted immediately, pushing Bitcoin prices higher. The SEC, under mounting pressure, ultimately approved multiple spot Bitcoin ETFs by January 2024—the first in years.