BlackRock and Coinbase collaborate on a Bitcoin spot ETF application.
Prior attempts for a Bitcoin spot ETF faced SEC rejection.
BlackRock’s application may reshape the Bitcoin ETF landscape.
In an audacious stride, BlackRock, the titan of global asset management, is on course to initiate a Bitcoin spot ETF. On Thursday, the firm formally lodged an application with the US SEC. This move follows rumors sparked by a CoinDesk report suggesting an imminent filing.
Teaming up with Coinbase, the leading US crypto exchange, BlackRock is venturing to shape a novel financial product. With a staggering $9.5 trillion in assets as of Q1 2023, BlackRock’s bold moves in the financial sphere are not new. Moreover, as per reports, this ETF will utilize Coinbase Custody and its spot market data for pricing, while BNY Mellon safeguards the cash assets.
Previous Collaborations and Potential Obstacles Ahead
According to sources, BlackRock shook hands with Coinbase last August, allowing its Aladdin inv
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