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June 15, 2023 at 11:15 PM
What You Need to Know
- Coinbase Global Inc., the biggest crypto exchange in the U.S., would act as custodian. The ETF, should it launch, would trade on Nasdaq.
- This is at least the 33rd attempt by issuers for a spot Bitcoin product, according to a tally from Bloomberg Intelligence.
- BlackRock has prior dealings with the crypto space. The company had partnered with Coinbase on making it easier for institutional investors to manage and trade Bitcoin.
BlackRock Inc. is trying its hand at potentially getting the first spot-Bitcoin exchange-traded fund launched in the U.S.
The world’s largest asset manager on Thursday applied for the iShares Bitcoin Trust, according to a filing with the U.S. Securities and Exchange Commission.
Coinbase Global Inc., the biggest crypto exchange in the U.S., would act as custodian. The ETF, should it launch, would trade on Nasdaq.
This is at least the 33rd attempt by issuers for a spot-Bitcoin product, according to a tally from Bloomberg Intelligence. But applications have faced opposition by regulators, who have in the past cited market concerns and a lack of investor protections, among other things.
The SEC, meanwhile, is suing Coinbase, alleging that it is running an illegal exchange. The company has said that a lack of clear rules for the digital-assets industry is hurting America’s economic competitiveness.
“One might say that they are about as good as it gets at reading the regulatory tea leaves,” said James Seyffart at Bloomberg Intelligence, referencing BlackRock.
The New York-based asset manager oversaw more than $9 trillion as of the end of March.
Cryptocurrency backers have long argued that such a product should be made available for trading.
The filing appears to have lifted the price of Bitcoin, which gained about 2.7% to around $25,620 after the disclosure. The biggest digital asset by market value had touched $24,770 earlier, the lowest since March.
