Bitcoin experienced a more than 1.3% surge, surpassing $25,700 within an hour after BlackRock’s iShares unit filed for a spot bitcoin ETF with the SEC. Just a day prior, Bitcoin had dropped below $25,000 for the first time in three months, facing concerns regarding the U.S. central bank’s hawkishness and increased regulatory scrutiny. However, the announcement from BlackRock reignited optimism for a spot bitcoin ETF, despite previous rejections by the SEC. The proposed iShares Bitcoin Trust will primarily consist of bitcoin held by a custodian, with Coinbase identified as the custodian in the filing.
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