Coinspeaker
BlackRock Joins Race for Spot Bitcoin ETF, Submits Application to SEC
American investment company and asset manager BlackRock (NYSE: BLK) has submitted an application to the US Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF).
On Thursday, BlackRock applied for the iShares Bitcoin Trust ETF, noting that major crypto exchange Coinbase (NASDAQ: COIN) will serve as the Bitcoin custodian. The application also states that Bank of New York Mellon (BNY Mellon) would serve as the custodian for cash holdings.
According to the filing, BlackRock intends for the Bitcoin ETF to help interested entities invest without direct access to Bitcoin. In addition, BlackRock notes that the Bitcoin ETF will help interested investors avoid any complexities involved in direct exposure to Bitcoin while maintaining the corresponding intrinsic value. BlackRock stated in the filing:
“Although the Shares are not the exact equivalent of a direct investment in
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