Title: With a push into cryptocurrency, BlackRock registers for a bitcoin ETF.
With a push into cryptocurrency, BlackRock registers for a bitcoin ETF.
As the asset class comes under heavy regulatory scrutiny, BlackRock, the largest asset manager in the world, submitted paperwork on Thursday for a bitcoin exchange-traded fund (ETF) that would provide investors exposure to the cryptocurrency.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Coinbase Custody will serve as the custodian for BlackRock’s iShares Bitcoin Trust. Applications for spot bitcoin ETFs have yet to receive approval from the American regulator.
The government filed high-profile litigation against prominent exchanges Coinbase and Binance earlier this month, which rippled across the digital assets sector.
According to Joshua Chu, group chief risk officer of blockchain technology firm XBE, Coinllectibles, and Marvion, “the fact that BlackRock, a well-respected and established asset management company, has filed for a Bitcoin ETF could be seen as a positive development in the quest for regulatory approval.”
It demonstrates the public’s interest in cryptocurrencies remains strong.
The underlying market price of bitcoin would be tracked via a spot bitcoin ETF. An ETF, according to supporters, would expose investors to bitcoin without requiring them to acquire it directly.
After the news was out, the price of bitcoin increased by 2%. On Friday, they were last at $25,506. In the year, the biggest cryptocurrency has increased by 54%.
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