BlackRock Edging Closer to Filing Bitcoin ETF Application: CoinDesk
According to the source, BlackRock plans to utilize Coinbase (COIN) Custody for the ETF, and they will rely on the spot market data from the crypto exchange for pricing.
Because Bitcoin
June 15, 2023
CoinDesk reported that according to a knowledgeable source, BlackRock, the largest asset management company globally, is nearing the submission of an application for a Bitcoin ETF (exchange-traded fund). In the ETF's development, BlackRock is expected to utilize Coinbase Custody for asset storage and rely on the spot market data from the Coinbase cryptocurrency exchange for pricing. Coinbase declined to provide a comment. BlackRock initiated its collaboration with Coinbase last year, aiming to facilitate direct access to cryptocurrencies for institutional investors.
The nature of the ETF, whether it will be based on spot or futures, remains uncertain. Requests for comment on this matter from BlackRock went unanswered. Until now, the U.S. Securities and Exchange Commission (SEC), responsible for regulating ETFs in the country, has turned down all spot Bitcoin ETF applications, while granting approval to several Bitcoin futures ETFs for trading purposes.
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