According to the latest filing with the U.S. Securities and Exchange Commission (SEC) by BlackRock, the world's largest asset management company, the company obtained $100,000 in seed funding for its spot Bitcoin (BTC) exchange-traded fund (ETF) from an undisclosed investor in October 2023.

The SEC filing indicates that the investor agreed to purchase 4,000 shares at a price of $25.00 per share on October 27, 2023, for a total of $100,000, with the investor "acting as the statutory underwriter for the seed creation basket."

In its latest filing, BlackRock also disclosed certain details of its plans to pay certain expenses of the sponsor, intending to borrow Bitcoin or cash from trading credit institutions as trading credit. BlackRock can "charge fees" by borrowing instead of selling BTC (ETF assets), so they will "not have too much impact on the BTC price."

The settlement of the trading credit will take place on the next business day of the execution date, and will incur a financing cost of 11% plus the federal funds target rate divided by 365 ((11% + federal funds target rate) / 365). For example, assuming the federal funds target rate on November 20, 2023, is 5.50%, the assumed financing cost as of that date would be 11% + 5.5% divided by 365.

ETF analyst Eric Balchunas remarked that this newly disclosed information is indeed interesting.

This is so interesting in the nerdiest way.

BlackRock was one of the institutional giants that applied for a Bitcoin ETF spot in July of this year. BlackRock's application is one of 13 applications awaiting a decision from the U.S. Securities and Exchange Commission. Although the SEC has previously rejected applications for spot Bitcoin ETFs, market experts predict that by early 2024, the SEC is likely to approve the first spot Bitcoin ETF in the United States.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。