A busy return to school. The year 2024 is off to a strong start for BlackRock teams who must manage the long-awaited approval of spot Bitcoin ETFs while facing rumors of layoffs, all while fourth quarter results are expected next Friday. And the week will be busy for the world’s leading asset manager who is more than ever in the spotlight, even if he is not the only one waiting for answers from the SEC. The latest information from Wall Street suggests that the final decision concerning these famous ETFs could actually fall next Wednesday, because January 10 is the deadline in several files filed with the American regulator. We take stock a few days before a potential earthquake in the crypto market.
Blackrock is considering a decision next Wednesday…
During a program on Fox Business on Sunday, the channel’s journalists took stock of the situation of the giant BlackRock as the most anticipated Wednesday of the year 2024 is already looming. Against a backdrop of micro crises at the asset manager richest man on the planet, there was talk of layoffs, financial results, environmental and social criteria and of course,Spot Bitcoin ETF ! The first news on this subject is that Larry Fink’s teams continue to repeat that they still expect a decision next Wednesday.
After last week’s filings with the relevant stock exchanges and the final clarifications requested by the SEC, everything finally seems ready for the big day! But, the business giant has several things to manage at the same time and ETFs are not its only priority. Indeed, rumors from the corridors about possible layoffs have agitated in recent hours the New York financial microcosm which is worried about such news. It would still be a question of dismissing 3% of the workforce!
…But Larry Fink has other things to take care of at the same time!
Response from interested parties: it would be a simple personnel management described as ” routine “ by an internal source close to the file. Last year, the same type of load shedding was carried out. It would also be carried out based on employee performance indicators, again according to the same witness cited by Fox Business. Another subject addressed by journalists, the question ESG criteria which divides the American political and economic class: E for environment, S for social and G for governance. These 3 letters are supposed to bring a littleethics in the businesses and investments of Larry Fink’s firm. But the expected results are not there and management has decided to scale back in this area.
Highlighted “at customer request” according to Mark Wiedman, head of client activity at BlackRock, these investments represent approximately 1,000 billion of dollars and would therefore be subject to controversy internally, but also within the American political class. But now back to THE subject of the week, to the information that everyone is waiting for: the decision of the Security and Exchange Commission (SEC) about spot Bitcoin ETFs. And for BlackRock, it will be Wednesday. After the latest updates nearby CBOE (Chicago Board Options Exchange), BlackRock is on target and has taken all possible and unimaginable steps to meet the requirements of the American regulator.
The press, observers, traders, small investors, politicians, opponents of Bitcoin, convinced cryptophiles, early CypherPunks, Wall Street, everyone is waiting with more or less impatience and enthusiasm. apprehension to know what the SEC will decide next Wednesday. Start of a new era? End of the story ? Historic moment? There is no shortage of superlatives to describe this decision, but let’s keep in mind that nothing is ever written in advance and Gary Gensler could decide to play a bad trick on everyone and kick in, once again. more.