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BlackRock is reportedly set to cut 3% of its global workforce as it awaits approval from the SEC for its Bitcoin ETF.
Fox Business reports that BlackRock will make the announcement "in the coming days" which will affect around 600 jobs.
The reasons behind the layoff are yet to be revealed but the move is being described internally as routine. Last year, BlackRock executed a similar round of layoffs based on employee performance.
However, it is believed that the layoff could be inspired by BlackRock moving into a "more mature phase in its business." The firm, which will announce its Q4 earnings on Friday, finished Q3 with $9 trillion in AUM - a decline from its $10 million peak in 2022.
Although the SEC's deadline for BlackRock's Bitcoin ETF is 15 January, the world's biggest money management firm is expecting the regulator to decide on 10 January.
Last week, BlackRock submitted its 19b-4 amendment for its ETF. Those seeking ETFs were told by the SEC to submit a final version of a document known as 19b-4 filings, which present suggestions for rule changes on stock exchanges to enable the trading of ETFs.
Issuers are also waiting for the SEC to sign off on the final versions of their S-1 filings, which state the key information about their proposed ETFs. Typically, S-1 approval will only come after 19b-4s approval.
If both are approved, Bitcoin ETF treading could commence as soon as the following business day.