tl;dr
BlackRock, the world's largest asset manager, is preparing to reduce its global workforce while expecting positive news from the SEC regarding its Bitcoin spot exchange-traded fund (ETF). Despite planned layoffs, BlackRock is among several firms looking to offer a spot BTC ETF and hopes for approval...
BlackRock, the world's largest asset manager, is preparing to reduce its global workforce while expecting positive news from the SEC regarding its Bitcoin spot exchange-traded fund (ETF). Despite planned layoffs, BlackRock is among several firms looking to offer a spot BTC ETF and hopes for approval by the coming Wednesday. Additionally, Bloomberg analysts have reduced the odds of the Bitcoin ETF failing to just 5%.
On Saturday, January 6, FOX Business reported that BlackRock intends to lay off about 600 employees – about 3% of its current workforce – as part of routine internal changes. Citing a source familiar with the issue, the media outlet disclosed that the trillion-dollar asset manager carried out a similar round of layoffs in 2023 based on performance metrics. The timing of this staff layoff is especially interesting, as BlackRock expects its Bitcoin spot ETF bid to receive approval by the next Wednesday, January 10. This wave of optimism comes after about a dozen of the Bitcoin spot ETF applicants, including BlackRock, filed 19b-4 amendment forms to the SEC on Friday, January 5.
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