BlackRock, the world’s largest cash administration agency, is awaiting approval from the Securities and Change Fee (SEC) for its new Bitcoin spot ETF on Wednesday, based on sources from cryptocurrency journalist Charles Gasparino.
Different corporations are additionally awaiting approval on the identical day, based on Charles Gasparino. Wednesday is already referred to as the SEC’s last resolution date, and BlackRock sources have said that they don’t count on an approval earlier than the ultimate resolution date.
The information comes amid studies of impending layoffs throughout the firm. BlackRock plans to announce layoffs within the coming days that can have an effect on about 3 p.c of its world workforce, or about 600 workers. These layoffs, which haven’t but been reported, are being described as routine throughout the firm, based on a supply accustomed to the matter. Final 12 months, BlackRock carried out the same spherical of layoffs primarily based on worker efficiency metrics.
BlackRock completed the third quarter of 2023 with $9 trillion in belongings beneath administration (AUM). Nevertheless, the corporate has skilled important asset declines since reaching a peak of over $10 trillion in 2022 resulting from unstable monetary markets.
*This isn’t funding recommendation.