BlackRock, the world's largest money management firm, is awaiting approval from the Securities and Exchange Commission (SEC) for its new Bitcoin spot ETF on Wednesday, according to sources from cryptocurrency journalist Charles Gasparino.
Other companies are also awaiting approval on the same day, according to Charles Gasparino. Wednesday is already known as the SEC's final decision date, and BlackRock sources have stated that they do not expect an approval before the final decision date.
The news comes amid reports of impending layoffs within the company. BlackRock plans to announce layoffs in the coming days that will affect about 3 percent of its global workforce, or about 600 employees. These layoffs, which have not yet been reported, are being described as routine within the company, according to a source familiar with the matter. Last year, BlackRock conducted a similar round of layoffs based on employee performance metrics.
BlackRock finished the third quarter of 2023 with $9 trillion in assets under management (AUM). However, the company has experienced significant asset declines since reaching a peak of over $10 trillion in 2022 due to volatile financial markets.
*This is not investment advice.