Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts to crack down on unregistered crypto platforms and securities tokens. The asset management firm has also chosen Coinbase, the Nasdaq-listed crypto exchange that was recently charged by the SEC for securities law violations, to serve as custodian for its bitcoin trust.
Blackrock Files to Launch a Bitcoin Trust
The world’s largest asset manager, Blackrock, filed for the registration of Ishares Bitcoin Trust (the Trust) with the U.S. Securities and Exchange Commission (SEC) on Thursday despite the regulator’s ongoing regulatory crackdown on the cryptocurrency sector. According to Blackrock’s filing:
The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The
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