BlackRock, the worlds largest asset manager, has filed an application for a spot Bitcoin ETF (exchange-traded fund).
In their pursuit of a Bitcoin ETF, BlackRock has chosen Coinbase Custody as their trusted custodial solution. The proposed ETF will be benchmarked against indices provided by CF Benchmarks. The indices will be comprised of price data from six exchanges: Coinbase, Kraken, Gemini, Bitstamp, itBit, and LMAX Digital.
It is worth noting that the Securities and Exchange Commission (SEC), the regulatory authority responsible for overseeing ETFs in the United States, has thus far rejected every application for a spot bitcoin ETF. Nevertheless, the commission has granted approval for several bitcoin futures ETFs, which have been successfully introduced for trading.
BlackRock’s filing for a spot Bitcoin ETF signals a turning point in the industry, as a prominent player in the traditional financial space acknowledges the potential of Bitcoin. If approved, the Bitcoin ETF would open 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.
Source: bitcoinmagazine.com