BlackRock received $100K seed fund for Bitcoin ETF: SEC filing

The world’s largest asset manager, BlackRock, received $100,000 seed funding from an unknown investor for its spot Bitcoin (BTC) exchange-traded fund (ETF) in October 2023, as per its latest Securities and Exchange Commission filing,

The SEC filing revealed that the investor agreed to purchase $100,000 in shares on October 27, 2023, in exchange for 4,000 shares at $25.00 per share price. The seed funding allows an ETF to fund the creation of underlying shares that can be offered and traded in the open market.

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…

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