BlackRock files for a Bitcoin spot ETF

BlackRock has filed a file for a ETF Bitcoin cash. No exchange-traded fund of this type has yet to be approved in the US. Coinbase would act as custodian.

The world’s largest manager continues his foray into the crypto world. BlackRock on Thursday filed an application with the U.S. Security of Exchange Commission to offer a ETF Bitcoin Spotreports the Financial Times.

Baptized iShares Bitcoin Trustthe fund would be traded on the stock exchange Nasdaq. The bitcoins would be held by the Californian crypto exchange Coinbase.

Until now, all files for Bitcoin Cash ETF have been rejected by the regulator on the grounds of “concerns regarding the market manipulation “. Other TradFi giants, such as WisdomTree, Cboe and VanEck, as well as crypto heavyweights like Grayscale, have also come under fire. rejections. The latter has since taken legal action against the regulator.

A ETF Bitcoin Spot would track the price of the underlying Bitcoin market and offer investors exposure without the need to hold the asset.

The fact that BlackRock, a well-established and respected asset management company, has filed for a Bitcoin ETF could be seen as a positive development in the quest for regulatory approval,” commented Joshua Chu, chief risk officer at XBE.

Last year, the company that manages nearly $9 trillion partnered with Coinbase to give its clients easier access to the crypto market. BlackRock has also launched a “private trust” in partnership with CF Benchmarks (Kraken), enabling institutional investors to gain exposure to BTC. Also, the US manager has listed several ETFs focused on blockchain and metaverse, including in Europe.

“BlackRock’s growing commitment shows that Bitcoin continues to be a interesting asset for some of the world’s largest financial institutions”, said Sui Chung, head of CF Benchmarks.

The Bitcoin pricewhich had fallen below $25,000 on Thursday, rebounded last night following the release of the news in the press. The price of the digital coin is currently hovering around $25,500, up around 2% over 24 hours.

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