BlackRock Poised to Enter Bitcoin Market with ETF Application

BlackRock, the world's largest asset manager, is reportedly nearing the filing of an application for a Bitcoin exchange traded fund (ETF). The company is said to be utilizing Coinbase Custody for the ETF and relying on the crypto exchange's spot market data for pricing. While it remains uncertain whether the ETF will be based on spot or futures, the Securities and Exchange Commission (SEC) has previously rejected applications for spot bitcoin ETFs but has approved bitcoin futures ETFs. BlackRock has not yet commented on the matter.

Fri, 16 Jun 2023 04:09:00 GMT

BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter.

BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment.

BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year.

It wasn't clear if the ETF will be spot or futures. BlackRock did not immediately respond to requests for comment.

To date, the Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected every application for a spot bitcoin ETF, though it has approved several bitcoin futures ETFs for trading.

UPDATE (June 15, 13:09 UTC): Updates to say Coinbase decline to comment.

Edited by Aoyon Ashraf and Nikhilesh De.

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