Updates Post- ETF Approval: Circle’s $USDC IPO, BlackRock’s IBIT Rise, and the 4B Inflow Impact
Following the SEC’s long-awaited approval of Bitcoin ETFs, a stream of positive updates continues to emerge.
Notably, the largest investment fund globally, BlackRock, is set to make waves with its latest fund, iShares Bitcoin Trust (IBIT).
On the first day of trading, Bloomberg Intelligence senior ETF analyst Eric Balchunas anticipates a groundbreaking capital inflow, potentially reaching $2 billion for BlackRock alone.
Balchunas predicts that collectively, the 11 approved Bitcoin spot ETFs could attract a staggering $4 billion on their inaugural day and swell to $50 billion within two years.
BlackRock’s Momentum and the Rise of IBIT
As BlackRock prepares to ring the stock market bell to open U.S. stock exchanges, IBIT has already shown remarkable pre-market performance, surging by 25%.
Eric Balchunas’ projections indicate that BlackRock’s IBIT might secure a significant portion of the anticipated $4 billion first-day inflow.
This surge not only positions BlackRock as a major player in the Bitcoin ETF race but also reflects the increasing integration of digital assets into traditional investment portfolios.
The rise of IBIT and BlackRock’s involvement emphasize the growing acceptance of cryptocurrencies by institutional investors, contributing to the legitimization of the crypto market on a global scale.
Circle $USDC Initiates Process for U.S. IPO
In parallel with the Bitcoin ETF approvals, Circle, the issuer behind the widely-used USD Coin ($USDC), has made a significant move by filing for a U.S. Initial Public Offering (IPO), which is a big step for the key player in the stablecoin space.
Similar to platforms like Coinbase, Circle’s move involves going public to raise funds, expand operations, and transform into a publicly listed entity.
As a publicly traded entity, Circle will be more visible, and decisions will be subject to scrutiny from investors. Moreover, while the decision was likely part of the company’s pre-existing plans, the recent developments in the market may have played a role in potentially taking this strategic step.
As regulatory developments continue to influence the crypto industry, one can assert that this marks the beginning of the crypto community’s comeback after facing significant challenges for a while.
These signals point nothing but towards a bullish market, indicating the trajectory that 2024 will hopefully follow.
