BlackRock raises $100,000 in seed funding for Bitcoin ETF – SEC filing

BlackRock and other financial giants have entered the race to launch the first spot Bitcoin ETF in the United States.

The world’s largest asset manager, BlackRock, received $100,000 in seed funding from an unknown investor for its

exchange-traded fund (ETF) in October 2023, according to its latest United States Securities and Exchange Commission (SEC) filing.

The SEC filing revealed that the investor agreed to purchase 4,000 shares for $100,000 on Oct. 27, 2023, at $25.00 per share, with the investor “acting as a statutory underwriter with respect to the Seed Creation Baskets.”

The latest filing by BlackRock also revealed certain details on the asset manager’s plans to pay the sponsor’s fee, where it plans to borrow Bitcoin or cash as trade credit from the trade credit lender on a short-term basis. BlackRock can “charge their fees” via a loan instead of having to sell BTC (the ETF asset). That way, they “don’t impact BTC price that much.”

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