Asset manager BlackRock is close to filing an application for a Bitcoin exchange traded fund (ETF), according to a report today by CoinDesk.
A source close to the matter has revealed that BlackRock will use Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing. CoinDesk adds that Coinbase declined to comment. It is also unclear if the ETF will be spot or futures.
Last year, BlackRock began working with the exchange to make crypto directly available to institutional investors.
So far, the SEC, which oversees ETFs in the United States, has rejected every application for a spot Bitcoin ETF, but has approved several Bitcoin futures ETFs for trading.
At the time of writing, the price of Bitcoin is trading at $25,028.01, down 3.63% in the last 24 hours, according to the latest data from CoinMarketCap.
It follows after the Federal Reserve halting the run of interest rate hikes in the FOMC meeting yesterday.