Blackrock – the world’s largest asset management firm with over $10 million in AUM – has filed for spot Bitcoin Exchange Traded Fund [ETF] registration statement. This could soon be followed by the firm filing an SEC application for a spot Bitcoin ETF. Notably, the firm has joined the effort of getting a spot in Bitcoin ETF in the market despite the US Securities and Exchanges Commission [SEC] rejecting numerous applications in the past.
Notably, The BTC ETF comes under the iShares unit of the investment company. Moreover, Coinbase – a leading American crypto exchange – will be acting as the custodian for the Trust’s Bitcoin, while Bank of New York Mellon will custody the cash. The SEC filing for the spot Bitcoin ETF read,
“iShares Delaware Trust Sponsor LLC (the “Sponsor”) is the sponsor of the Trust; [ ] (the “Delaware Trustee”) is the Delaware trustee of the Trust; BlackRock Fund Advisors (the “Trustee”) is the trustee of the Trust; Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) is the custodian for the Trust’s bitcoin holdings”
Moreover, the news seems to have had some effect on the price of BTC. According to CoinMarketCap, Bitcoin jumped by 1% in the past few minutes and was trading at $25,588 at press time.
Several firms including Grayscale – a crypto asset management firm – have failed to get a green signal from the SEC for a spot Bitcoin ETF. Grayscale has even walked the extra mile by suing the SEC. The lawsuit scrutinizes the commission’s bases for rejecting the firm’s spot BTC ETF.
The story is still developing.