The United States Securities and Exchange Commission (SEC) has fined BlackRock Advisors $2.5 million for inaccurately describing investments in the entertainment industry in a publicly traded fund it managed. The SEC alleged that BlackRock incorrectly referred to a print and advertising business called Aviron Group as a company that provided “Diversified Financial Services” in reports made available to investors. BlackRock also misrepresented Aviron’s interest rate. However, BlackRock discovered these errors in 2019 and corrected the information. BlackRock has agreed to pay the penalty for the incorrect investment disclosure. On the same day, BlackRock’s spot Bitcoin exchange-traded fund (ETF) was noticed listed on the Depository Trust & Clearing Corporation (DTCC) listing, leading many to believe that the spot Bitcoin approval is near. However, the ETF was later removed and reappeared, causing confusion. A DTCC spokesperson confirmed that the iShares Bitcoin ETF has been listed on the platform since August and stated that the move is not indicative of any regulatory approval.
