BlackRock, the investment giant, is poised to streamline its workforce, with plans to let go of approximately 3% of its employees, translating to 600 staff members. The decision aligns with the firm’s strategic adjustments and performance evaluations over the previous year.
In the financial community, all eyes are on the imminent decision from the U.S. Securities and Exchange Commission (SEC) concerning BlackRock’s application for a spot Bitcoin ETF. The firm has submitted a revised proposal, aiming for a nod of approval by January 15.
Key Developments:
- BlackRock’s workforce reduction is part of a broader internal reorganization.
- The SEC’s decision on BlackRock’s Bitcoin ETF application is highly anticipated.
- BlackRock has modified its ETF proposal, potentially easing Wall Street banks’ participation.
In a recent move, BlackRock joined several asset managers in submitting crucial 19b-4 amendments for their Bitcoin ETF proposals, a step that edges them closer to SEC’s green light.
Amid these preparations, BlackRock has innovated its Bitcoin ETF structure. Changes made in December 2023 aim to facilitate Wall Street banks’ involvement by allowing the creation of new fund shares via cash contributions, a method that circumvents the banks’ limitations on holding cryptocurrencies directly.
