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Bitcoin’s value is on a meteoric rise, surpassing $35,000 for the first time since May 2022. Within the last five days alone, it has surged by 20%, according to a media report. The famously volatile cryptocurrency has more than doubled in value this year, as investors express growing enthusiasm for the prospect of acquiring bitcoin funds on conventional stock exchanges, eliminating the need to engage with less-regulated and at times dubious crypto platforms, as reported by CNN.
In June, BlackRock (NYSE:BLK) submitted an application to register a bitcoin spot ETF, which is currently pending approval. As the world’s largest provider of ETFs, managing trillions of dollars in assets, a BlackRock bitcoin ETF would bestow a newfound sense of legitimacy upon the cryptocurrency.
Market analyst Samer Hasn from online brokerage XS.com emphasized, “This listing in the DTCC does not mean that the fund has actually been launched or that this will inevitably happen.” However, he added, “It may appear as part of BlackRock’s preparations to launch the ETF soon,” as reported by CNN.
Several other companies have also sought approval to launch comparable bitcoin ETFs, including Grayscale Investments.
Another driving force behind bitcoin’s surge may be fear. In times of uncertainty, investors seek to diversify their portfolios, with some turning to bitcoin, ironically viewing it as a form of digital safe haven. Often referred to as “digital gold,” bitcoin has evolved into an avenue for investors to diversify beyond traditional stocks and bonds, as noted by CNN.
