BlackRock has officially filed for a Bitcoin ETF.
BlackRock announced today that it is ready to apply for a Bitcoin ETF. However, the asset management company has completed its Bitcoin ETF application.
BlacRock Completes Bitcoin ETF Application
Asset management firm BlackRock has taken a big step towards a spot Bitcoin ETF by filing a registration statement with the U.S. Securities and Exchange Commission. A trust called iShares Bitcoin Trust, which is governed by Delaware law, will use a custodian called Coinbase Custody Trust Company to hold Bitcoin assets. According to the filing, the bitcoin price will be determined using the CF Benchmarks Index.
This move is considered part of BlackRock’s initiatives to offer more assets in the cryptocurrencies space. The Spot Bitcoin ETF allows investors to invest directly in Bitcoin and is directly affected by the cryptocurrency’s price movements.
If such an ETF is approved by the SEC, it will be a big step forward in the field of cryptocurrencies and broader institutional access to cryptocurrency investments.
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