BlackRock, the biggest name on Wall Street and the world’s largest asset manager made history on Thursday, June 15th with their filing of an application for a Bitcoin Spot Exchange Traded Fund (ETF). Approval of the first crypto spot ETF in the US would be a significant and exciting moment for the industry.
BlackRock Partners with Coinbase Custody for Secure Asset Custodianship
The company has been working together with Coinbase Custody to provide secure custodianship of assets in their ETF, and partnered last August to enable clients to both possess and trade in digital assets, beginning with Bitcoin. BlackRock clients can access Coinbase for trading, custody, prime brokerage, reporting services, and Bitcoin spot market data.
The filing is significant as the SEC has not approved any spot Bitcoin ETF despite multiple attempts. Grayscale sued the SEC to support Bitcoin futures after the SEC rejected its spot Bitcoin ETF application.
The first Bitcoin ETF to be approved May be BlackRock’s. The SEC filings indicate that the CF Benchmarks Index will be used by the company for pricing the ETF. The Index includes major exchanges like Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital for accurate and resistant pricing.
Federal Appeals Court Filing Raises Hope for Approval of Bitcoin Spot ETF
ARK Invest and 21Shares have made multiple filings to secure acceptance for spot Bitcoin ETFs. Canada’s Purpose Bitcoin ETF was the first in the world to be set up at the beginning of 2021.
The approval of a Bitcoin spot ETF could potentially have massive positive effects on the crypto world. Thanks to BlackRock, the dream of having a Bitcoin spot ETF is one step closer to reality than ever before. The federal appeals court filing may lead to the approval of a spot Bitcoin ETF in the US.
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