In a significant development, BlackRock, the world’s largest asset manager, is reportedly on the verge of submitting an application for a Bitcoin ETF (exchange-traded fund).
According to a knowledgeable source, the company intends to employ Coinbase Custody for the ETF and leverage the spot market data from the prominent crypto exchange for accurate pricing. Coinbase, however, declined to comment on the matter.
BlackRock commenced its collaboration with Coinbase last year, with the objective of providing institutional investors direct access to cryptocurrencies.
While it remains undisclosed whether the forthcoming ETF will be based on spot or futures contracts, BlackRock is yet to respond to requests for comment.
It is worth noting that the U.S. Securities and Exchange Commission (SEC), responsible for overseeing ETFs in the United States, has previously rejected every application for a spot bitcoin ETF.
Nevertheless, the SEC has granted approval for several bitcoin futures ETFs to be traded.
This potential move by BlackRock to enter the Bitcoin ETF space highlights the growing interest and acceptance of digital assets among institutional investors.
If approved, the BlackRock Bitcoin ETF has the potential to further legitimize and attract additional investment into the cryptocurrency market, opening new avenues for investors seeking exposure to Bitcoin within the regulated framework of an ETF.
Also Read: Bitcoin Exchanges Hit 3-Year Low in Supply
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