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Breaking BlackRock to File for Bitcoin ETF in the United States
1 min
By Bary Rahma
15 June 2023, 14:47 GMT+0000
Updated by Michael Washburn
15 June 2023, 14:51 GMT+0000

In Brief

BlackRock, the world's largest asset manager, is preparing to file a groundbreaking Bitcoin ETF application, in partnership with Coinbase.

The initiative underlines BlackRock's commitment to incorporating cryptocurrencies into mainstream financial systems, despite the SEC's historical reticence.

The move signals a pivotal shift in financial investment dynamics, as the boundaries between traditional finance and digital currencies continue to blur.

In an unprecedented move, BlackRock, the world’s preeminent asset manager, is nearing the submission of a groundbreaking Bitcoin exchange-traded fund (ETF) application in the United States.

According to inside sources, BlackRock will collaborate with Coinbase, the prominent cryptocurrency exchange, using its Custody for the ETF and employing the exchange’s spot market data for pricing.


BlackRock to File for United States’ First Bitcoin ETF

The introduction of a Bitcoin ETF from BlackRock signals a momentous leap in the cryptocurrency’s institutional acceptance. This high-stakes endeavor could potentially recalibrate the financial landscape. It aims to offer investors the prospect of unprecedented access to the volatile yet promising cryptocurrency market.

BlackRock’s collaborative efforts with Coinbase materialized last year, spearheading a comprehensive initiative to make cryptocurrencies directly accessible to institutional investors. BlackRock ventures into a realm fraught with regulatory uncertainties in this ambitious enterprise. The US Securities and Exchange Commission (SEC) has previously rejected every application for a spot Bitcoin ETF.

While the nature of the ETF — spot or futures — remains uncertain, the BlackRock initiative underscores a clear commitment to integrating crypto into mainstream financial systems. The SEC has previously approved several Bitcoin futures ETFs for trading, laying a potential path for BlackRock’s endeavor.

BlackRock’s venture into Bitcoin ETFs is a testament to the growing popularity of cryptocurrencies. It is a signal of the shifting sands of finance and investment. Consequently, setting a precedent could redefine the dynamics of the financial world.

The boundaries between traditional finance and digital currencies are redrawn as the world watches, redefining our understanding of the global investment landscape.

This is a developing story…

https://beincrypto.com/blackrock-bitcoin-etf-us/