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Investment giantBlackRock Inc.BLK secured $100,000 as seed funding for its proposed Bitcoin BTC/USD exchange-traded fund (ETF), according to a recent Securities and Exchange Commission (SEC) filing.

What Happened: BlackRock revealed this investment was made in October. An investor, whose identity remains undisclosed,agreed to purchase $100,000 inshares, takingdelivery of 4,000 shares ata per-share price of $25, CoinDeskreported.

The seed capital will be used for the creation of units underlying the ETF, enabling shares tobe offered and traded inthe open market.

See Also:Dogecoin Killer Shiba Inu Burn Rate Skyrockets By 500% As Shibarium Logs Over 4M Transactions

BlackRocks proposed iShares Bitcoin Trust will invest directly in Bitcoin, as opposed to futures tied to the cryptocurrency. Its one of 13 similar applications currently awaiting regulatory approval.

The SEC is expected to approveone or more spot ETFsin early 2024, with Bloomberg analysts estimating a 90% probability for approval in January.

Why It Matters:There is a widespread expectation that the SEC willapprove multiple spot bitcoin ETFsat the same time.Bloomberg ETF analystEric Balchunashaspredicted a 90% chance of approval by Jan. 10, a forecast that has remained steady for several months.

Meanwhile, Bitcoincrossed the $40,000 level for the first timesince late April 2022 on Sunday. The rise in Bitcoin prices comes amid a backdrop of a gradual rally, which has been fueled by expectations linked with the approval of a Bitcoin Spot ETF by theSecurities and Exchange Commission.

Read Next:Cathie Woods Ark Invest Continues to Jettison Coinbase Shares As Anticipation Builds Around Approval Of Bitcoin Spot ETF

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