BlackRock, a leading asset manager with $9 trillion in assets, has applied for a Bitcoin exchange-traded fund (ETF). The New York City investment firm plans to utilize Coinbase Custody for the potential ETF. In addition, they will use the spot market data from Coinbase for pricing. As of now, Coinbase has not released any statement regarding this new application.
Despite the ongoing regulatory battles between the Securities and Exchange Commission (SEC) and platforms like Binance and Coinbase, BlackRock remains committed to its cryptocurrency ventures by pursuing a Bitcoin ETF. Last year, BlackRock and Coinbase began collaborating to offer digital assets to institutional investors.
It's important to note that the SEC has consistently rejected all applications for spot Bitcoin ETFs to date. However, the commission has recently approved Bitcoin futures ETFs for trading purposes. Therefore, the approval of BlackRock's ETF may depend on this distinction.
The proposed fund, named iShares Bitcoin Trust, will primarily consist of bitcoin held by a custodian on behalf of the Trust, according to the application. If the registration is successful, the BlackRock Bitcoin ETF will be launched immediately, as stated in the application filing.
While both BlackRock and Coinbase have yet to release a public statement regarding the new application, it is expected that they will do so in the near future.
