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Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Updated Jun 16, 2023, 4:23 p.m. Published Jun 15, 2023, 9:45 p.m.

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC's price sank amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

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But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund's assets are to "consist primarily of bitcoin held by a custodian on behalf of the Trust," according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk earlier on Thursday reported on BlackRock's intention to soon file for a bitcoin ETF.

James Rubin

James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.