BlackRock near to filing for Bitcoin ETF: reports

Asset manager BlackRock is close to filing an application for a Bitcoin exchange traded fund (ETF), according to a report today by CoinDesk.

Bitcoin
Last updated June 15, 2023
Bitcoin
Bitcoin ETF. Pic: Unsplash

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.

Bitcoin woes

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.

Bitcoin daily chart. Source: CoinMarketCap

About Author

Scarlett D

About Author

Scarlett D

Scarlett D

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Scarlett is a passionate NFT and Web3 reporter for CoinNews, where she covers the latest trends and news in the ever-evolving world of non-fungible tokens. With a knack for uncovering hidden gems and an infectious enthusiasm for all things NFT, Scarlett has quickly become a go-to source for crypto collectors and Web3 aficionados alike. Before joining the CoinNews team, Scarlett earned her stripes as a freelance writer, covering topics ranging from blockchain technology to digital art and virtual reality. Her diverse background and keen eye for detail have equipped her with a unique perspective, allowing her to deliver fresh and engaging content that resonates with the rapidly growing NFT community.
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