BlackRock Files for Bitcoin ETF Launch
The asset-management firm BlackRock is preparing to file an application to create a Bitcoin ETF. ETF. CoinDesk reports, citing sources.
The company filed with the SEC an S-1 registration for iShares.
According to the report, the initiative uses Coinbase Custody as the custodian and spot-market data from a cryptocurrency exchange for pricing.
BlackRock began to collaborate with the platform as early as August 2022. At that time, the asset-management firm provided clients with access to trading digital assets via its portfolio-management system as part of the integration with the institutional service Coinbase Prime.
To date, the U.S. Securities and Exchange Commission (SEC) has rejected nearly all applications to register cryptocurrency ETFs.
In June 2022, the asset-management firm VanEck filed documents to launch a spot Bitcoin ETF. The SEC denied the filing in November 2021.
In October 2021, Grayscale Investments filed a petition to convert a digital-gold-based trust into a spot Bitcoin ETF. On December 17, the SEC delayed a decision on the application, and in February 2022 again moved the date on this matter. On June 30, Grayscale filed a lawsuit against the regulator.
Earlier, the agency approved a Bitcoin ETF for ProShares and Valkyrie Investments.
The Wall Street Journal editorial board accused Gary Gensler of a “confusing” approach to approving the spot Bitcoin ETF.
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