IMPORTANT POINTS:
- BlackRock will submit an application with the aim of offering a Bitcoin ETF, using Coinbase custody.
- This is important to the crypto community as BlackRock is currently the largest asset manager in the world.
- It should be noted that the company has not yet specified whether the Bitcoin ETF will be based on spot or futures contracts.
BlackRock, who is currently the world’s largest asset manager, is planning to launch a Bitcoin ETF in the medium term, according to a CoinDesk source.
To offer this exchange-traded fund, the company chose Coinbase as its trusted custody solution. In parallel, BlackRock will have the official market data offered by the exchange.
An important fact is that it has not yet been specified whether the fund will be based on spot or futures contracts. Both companies involved did not comment on the matter.
In any case, there is not much enthusiasm on the part of investors because the person in charge of approving this type of ETFs in the United States is the Securities and Exchange Commission (SEC), which has not only rejected all similar applications but also he has also taken the stance of putting pressure on crypto companies.
It is worth remembering that just a few days ago the regulatory body started two lawsuits almost simultaneously against the giants Binance and Coinbase, arguing that they have violated some financial laws within the United States.
Filing a Bitcoin ETF is important
As much as the SEC rejects this fund again, an application by a company like BlackRock may already be a turning point for the future. Thus, more big-name companies will want to follow in BlackRock’s footsteps.
At the time of writing this article, Bitcoin fell 3% in the last 24 hours and stood at USD 25,145
