BlackRock , the world's biggest asset manager, on Thursday filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.
A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid, the world's biggest asset manager, on Thursday filed for a bitcoin exchange-traded fund that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.
BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S. Securities and Exchange Commission . The U.S. regulator has yet to approve any applications for spot bitcoin ETFs.
The SEC rejected Grayscale Investment LLC’s application last year to convert its flagship spot Grayscale Bitcoin TrustGrayscale sued the SEC, claiming that the regulator was acting arbitrarily in rejecting applications for spot bitcoin ETFs when it had previously approved bitcoin futures ETFs. The SEC has also rejected proposals for spot bitcoin ETFs from firms including Fidelity, Cboe Global Markets and NYDIG.
Bitcoin prices closed up 2% on Thursday after the announcement. They were last at $25,506 on Friday. The largest cryptocurrency is up 54% in the year.Reporting by Manya Saini and Niket Nishant in Bengaluru; Ankur Banerjee and Rae Wee in Singapore; Editing by Devika Syamnath and Pooja Desai
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