BlackRock, the world’s largest asset manager, is planning to cut about 3% of its global workforce this week. This reduction is expected amid the company’s optimism about receiving favorable news from the SEC concerning its spot Bitcoin ETF.
According to foxbusiness report, approximately 600 employees could be affected, based on their performance evaluations over the past year.
Reports suggest BlackRock is hopeful about the approval of its Bitcoin ETF application around January 10, coinciding with the SEC’s deadline for the ARK 21 Shares spot Bitcoin ETF. However, it’s important to note that the SEC’s deadline for BlackRock’s Bitcoin ETF application isn’t until January 15.
This news follows a series of amendment filings by several spot Bitcoin ETF applicants, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, and others. These filings represent a crucial step in the SEC approval process, with the completion of S-1 documents required for U.S. exchanges to list investment securities linked directly to cryptocurrencies.
Read More: Grayscale, VanEck Submit Form 8-A With SEC for Bitcoin ETF
