Quantifying the BlackRock Effect

The Probability of ETF Approval

As emphasized in previous notes, we view BlackRock's application for a spot ETF as substantial. Regardless of whether an actual spot ETF garners approval in the near term, its “narrative” significance is undeniable.

Yet, our fundamental assumption is that this application indicates new undisclosed insights that Larry Fink and his colleagues are privy to, which the public may not be, and their application will ultimately result in a spot ETF approval.

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