The asset manager is planning a Bitcoin ETF.
(Photo: Bloomberg)
new York The ailing crypto industry surprisingly gets backing from BlackRock. The world’s largest wealth manager is planning a Bitcoin ETF and filed relevant documents with the US Securities and Exchange Commission on Thursday.
BlackRock wants to offer a so-called spot ETF via the ETF subsidiary iShares, which mimics the Bitcoin prices. Investors should be able to benefit from the Bitcoin prices “without buying and trading Bitcoins via a crypto platform or other services,” according to the application to the SEC, which was first reported by the industry service Coindesk.
BlackRock’s move is daring: in 2021, the regulator approved ETFs on derivatives, so-called Bitcoin futures. The authority has repeatedly rejected applications for ETFs that reflect the exact Bitcoin price for years.
The Wall Street house wants to work with America’s largest crypto exchange Coinbase on the ETF. This is how Coinbase should take over the process. The two companies have already entered into a strategic partnership to make cryptocurrency trading easier for BlackRock customers.
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