Blackrock, one of the top investors in the world who are rumored to have investments in almost every country in this planet. And they have also created the mutual funds in most of the top 20 world bank contributor nations. Which goes to show how much powerful this group has become over the years.
Recently blackrock has started to spread it's tentacles into the crypto space. It's in motion for the SPOT ETF in the USA market for the bitcoin and also for the ethereum. Based on their actions, the market has been swinging a lot lately which is also a good thing.
Blackrock is taking a strong approach in crypto so much so that they would be making the crypto centralized through legal means and get to enjoy the DeFi narrative.
So let's take a look at the things that blackrock has been doing lately.
Blackrock opens iShares Ethereum Trust in Delaware
Blackrock has filed the trust in the delaware. They are not filing LLC, C corp or any form of corporation. Instead it is a trust goes to show that they have intention of holding the crypto as a future assets. And this goes to show that they have long term plans.
You can check the filing for the "ishaeres" here. They have so far partially file legal related to the trust and crypto in the SEC but so fat we have the formation of the company in delaware. Which goes to show the level of risky this stuff can be as they are making shell company in the US.
Form S 1 submission to the SEC
As explained earlier any trust, LLC and the corporation that you file for the legal standing and also for the crypto and finances would require filing this form with the SEC. This form is a S1 that is submitted with the blackrock ventures and SEC. This goes to show things have moved to legal next step.
If this submission is accepted and they start to accept the funds through varietey of the venture capital firms for the trust then things would be moving in next step. Which simply makes the blackrock gets an advantage in the mutual funds and the ETF Market that is pegged to the bitcoin price.
Seed funding of $100k for Spot BTC ETF
Now that ETH based spot ETF are coming there is also the funding for the development of the SPOT BTC ETF. This goes to show that it would be a good direction for the development of this market. But this comes at the price of making the bitcoin more centralized and also it would go in the hands of the rich people.
It is kind of irony that this sort of the decentralized coins has gone into the hands of the centralized people and it is soon becoming yet another gold and the cash that the banks and the rich people are holding these days. It seems like an approach that would be affecting the crypto market.
You can check the SEC funding document of the 100k funds in ishares trust here.
Blackrock is very powerful entity and they have decided to get into the financial side of the things with bitcoin, which goes to show that crypto is going to be more centralized in near future. We just don't know how that would impact the prices once this deal comes to reality. Until it goes 100k we don't really know which market narrative will keep the coin pushing up.