BlackRock ETF filing could be 'turning point' for bitcoin, Ark says

Quick Take

  • Ark Invest thinks BlackRock’s filing for a spot bitcoin ETF could be a “significant turning point in bitcoin’s path to institutional acceptance.”

BlackRock's filing for a spot bitcoin ETF earlier this month could be a "significant turning point in bitcoin's path to institutional acceptance," Ark Invest said in an emailed note on Monday.

"BlackRock’s decision to file for a Bitcoin ETF signals that large institutional players are positive on the long-term outlook for the digital asset," Ark analyst Yassine Elmandjra wrote. 

BlackRock's June 15 filing has been followed by other asset managers looking to launch their own spot bitcoin funds including Invesco, WisdomTree and Valkyrie. Ark had previously filed for a similar fund on April 25 with 21 Shares.

BlackRock's work with Nasdaq on bitcoin ETF

"While it looks much like previous ETF filings, BlackRock worked with Nasdaq to distinguish its application with a unique surveillance-sharing agreement designed to prevent the risk of bitcoin-related market manipulation," Elmandjra said. "Based on our research, however, other applicants will be able to amend their filings with similar agreements at little cost."

The price of bitcoin has surged since the BlackRock filing, rising 15.3% over the past week. It's currently trading at $30,410, according to CoinGecko

CoinShares, meanwhile, reported the largest inflows into crypto investment products since July 2022, with $199 million pouring into funds last week. Of that, bitcoin was the biggest winner, with inflows totaling $188 million. 

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