BlackRock, the world’s largest asset manager, has depositan application for a spot Bitcoin ETF (exchange-traded fund).
In their search for a Bitcoin ETF, BlackRock chose Coinbase Custody as their trusted custody solution. Additionally, the asset manager will rely on spot market data from Coinbase to ensure accurate and reliable ETF pricing.
It should be noted that the Securities and Exchange Commission (SEC), the regulatory authority responsible for overseeing ETFs in the United States, has so far rejected all bitcoin spot ETF applications. Nevertheless, the commission has granted its approval to several bitcoin futures ETFs, which have been successfully introduced for trading.
BlackRock’s filing of a spot Bitcoin ETF marks a turning point in the industry as a top player in the traditional financial space recognizes Bitcoin’s potential. If approved, the Bitcoin ETF would open the doors to a new wave of adoption and provide investors with an unprecedented opportunity to participate in the Bitcoin market through a regulated and accessible investment vehicle.
