BlackRock, which is undoubtedly the largest asset manager globally, has gone ahead and applied for a Bitcoin exchange-traded fund (ETF). This will provide investors the opportunity of being able to connect with cryptocurrency. This is with regard to the fact that it is being watched very closely in terms of regulatory factors. The iShares Bitcoin Trust, which is an arm of BlackRock, will be taking the help of Coinbase Custody, as per the SEC.
In the year gone by, BlackRock was instrumental in delivering a spot bitcoin private trust which targeted the institutional clients based in the U.S. All of this seems to be taking place in a situation where the cryptocurrency business has locked horns with the SEC on several legal issues. Recently, it was Coinbase, and Binance came into the radar.
According to the Group Chief Risk Officer at XBE, Joshua Chu, it is an encouraging bit of information that BlacRock has applied for a bitcoin ETF, where the matters of regulatory endorsement are concerned. It also exposes the general mentality of the masses’ inclination toward crypto. In the case of a spot bitcoin ETF, it will help in determining bitcoin’s market value.
However, in the case of Grayscale Investment, the SEC did away with a similar application. The same situation occurred in the case of Fidelity, as well as Cboe Global Markets, along with NYDIG. Bitcoin pricing remained at 2% following the declaration. It was CoinDesk that had divulged the fact that BlackRock would be applying for an ETF. As of now, it seems to be a wait-and-watch period.
Source: https://www.cryptonewsz.com/blackrock-applies-for-bitcoin-exchange-traded-fund/