Giant fund management giant BlackRock’s iShares has prepared the paperwork for its spot Bitcoin ETF. After that, the $9 trillion asset manager applied for a Bitcoin ETF. However, the SEC had rejected attempts by other fund companies to launch a spot Bitcoin ETF.
BlackRock has officially applied for a Bitcoin ETF
cryptocoin.com We have announced BlackRock’s intention to apply for a Bitcoin ETF soon. Fund management giant BlackRock’s (BLK) iShares unit filed an application with the US Securities and Exchange Commission on Thursday afternoon to create a spot Bitcoin (BTC) ETF. According to the filing, the fund’s assets, which will be called the iShares Bitcoin Trust, will “consist primarily of Bitcoin held by a custodian on behalf of the Trust.” In the filing, he stated that this custodian would be crypto exchange Coinbase (COIN).
Meanwhile, the SEC has approved a number of futures-based Bitcoin ETFs. However, despite this, Grayscale rejected attempts by other fund management companies, including those of VanEck and WisdomTree, to open a spot Bitcoin ETF. However, turning down BlackRock is not that easy for the SEC, according to experts. Because BlackRock is the world’s largest asset manager, with assets under management (AUM) exceeding $10 trillion. Also, the company and its CEO, Larry Fink, probably have a political power equal to that of the SEC and its leader, Gary Gensler.
According to the filing, the BlackRock Bitcoin ETF’s initiation will be effective immediately if the registration goes into effect. Meanwhile, BlackRock and Coinbase have yet to make a statement about the new application. However, they will probably make a statement very soon.
Kraken evaluated the development
“The proposed ETF is benchmarked against the CME CF BTC Reference Rate,” crypto exchange Kraken said. In this context, Kraken made an assessment of the filing. The crypto exchange highlighted the following:
CF Benchmarks obtains price data only from cryptocurrency exchanges that adhere to the highest possible standards of market integrity and transparency. This protects investors. This is because benchmarked products can consistently and reliably track the spot price of the underlying asset.
The crypto regulation wars continue between the SEC and Binance/Coinbase. Despite this, BlackRock continues its work in the crypto space with this BitcoinETF. Meanwhile, Coinbase and BlackRock started working together last year, offering digital assets to institutional investors. Bitcoin’s price gained some value with this news. At press time, BTC rallied just over $25,700, up about 2.4% on a daily basis.
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