According to a report by Fox Business, BlackRock, the world's largest asset manager, expects its application for a spot Bitcoin ETF to be approved by the Securities and Exchange Commission (SEC) next Wednesday. The approval of such an exchange-traded fund (ETF), which directly trades Bitcoin, has been eagerly awaited by the crypto community.

In addition to BlackRock, other firms including Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco submitted updated filings for proposed spot Bitcoin ETFs. Last week, the Cboe BZX exchange also filed forms for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton.

Crypto proponents believe that the approval of spot Bitcoin ETFs could bring billions in fresh funding into the cryptocurrency sector. The recent surge in the price of Bitcoin has fueled market enthusiasm for exchange-traded products that hold Bitcoin rather than relying on futures contracts for speculation.

However, there are skeptics who argue that Bitcoin's volatility and lack of regulatory oversight make it unsuitable for a healthy market. Non-partisan nonprofit Better Markets, which advocates for increased financial regulation, wrote a letter to the SEC stating that approving spot Bitcoin ETFs would be a "regulatory mistake of historic proportions."

The anticipated approval of spot Bitcoin ETFs has stirred excitement and debate within the industry. If BlackRock's application is indeed approved next Wednesday, it could mark a significant milestone for the Bitcoin market and open the doors for further institutional investment.

As always, it is essential to note that The Block, an independent media outlet, provides this information for informational purposes only and not as legal, tax, investment, financial, or other advice. The Block remains independent, delivering objective and timely news, research, and data about the crypto industry.

Stay tuned for further updates on the SEC's decision and the potential impact on the crypto market.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.

Zack Abrams is a writer and editor based in Brooklyn, New York. He contributed to this report.

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