PANew News on December 5, according to CoinDesk, BlackRock (BLK) revealed in a new application submitted to the U.S. Securities and Exchange Commission (SEC) that it received $100,000 as “funding support” for its proposed Bitcoin ETF. Seed Capital”. The investment giant disclosed the news. “The Seed Capital Investors have agreed to purchase $100,000 worth of shares on October 27, 2023 and deliver 4,000 shares (the “Seed Shares”) at $25 per share on the same day,” the filing states.
Seed capital refers to the initial capital that allows an ETF to finance the units that create the ETF's foundation in order to issue and trade shares on the public market. BlackRock’s proposed “iShares Bitcoin Trust” would invest in Bitcoin rather than futures related to the cryptocurrency. It is one of 13 applications awaiting regulatory approval.
