BlackRock expected to seed ETF with $10M worth of BTC
BlackRock, the world’s largest asset manager and one of the front-runners in the race to issue the first spot Bitcoin exchange-traded fund (ETF) in the United States, is expected to purchase $10 million worth of Bitcoin 
BTCUSD on Jan. 3, according to analysts.
On Dec. 23, market research analyst James Seyffart posted on X (formerly Twitter), highlighting BlackRock’s intentions to seed its ETF with the Bitcoin it plans to purchase.
James Seyffart@JSeyffDec 22, 2023Before this -- SEED MOVEMENTS DO NOT MEAN LAUNCH
Looking like BlackRock is *planning* to make moves on Jan 3rd. They're seeding the ETF with $10 million. But maybe means BlackRock would be expecting a launch to happen shortly after? pic.twitter.com/PknXs5B2TP
Seyffart followed up on the post by saying that the document that mentions the BTC purchase is not final, approved, or “effective” — though the purchase would “jive with our Jan. approval prediction.”
He said that an injection of capital wouldn’t necessarily mean the launch of the ETF but that BlackRock could be expecting a release shortly after. According to Seyffart, the inclusion of the Jan. 3 date is just “teasing,” and he drew the parallel to the date being that of the genesis block of Bitcoin.
A user on X asked Seyffart if $10 million is the seed size he would expect, to which Seyffart responded that it’s “fairly standard” but is also “subject to change.”