BlackRock Adds $255M of Bitcoin from Coinbase to ETF

BlackRock, the world's largest asset manager, applied with the SEC to launch a spot bitcoin ETF, which would directly hold the cryptocurrency.

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25 Jan 2024, 4:24 am

BlackRock, the world's largest asset manager, applied with the SEC to launch a spot bitcoin ETF, which would directly hold the cryptocurrency.

BlackRock's proposed ETF, called the iShares Bitcoin Trust, would use Coinbase, the largest U.S. crypto exchange, as its bitcoin custodian.

BlackRock's move comes amid a surge in demand for bitcoin ETFs, as investors seek exposure to the digital asset without the hassle of buying and storing it.

BlackRock's ETF would compete with nine other bitcoin ETFs that have launched in the U.S. since October 2021, which have collectively attracted over $3 billion in assets.

BlackRock's ETF would also face regulatory hurdles, as the SEC has been reluctant to approve spot bitcoin ETFs due to concerns over market manipulation, fraud, and custody.

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BlackRock Adds $255M of Bitcoin from Coinbase to ETF

BlackRock, the world's largest asset manager, applied with the SEC to launch a spot bitcoin ETF, which would directly hold the cryptocurrency.

BlackRock's proposed ETF, called the iShares Bitcoin Trust, would use Coinbase, the largest U.S. crypto exchange, as its bitcoin custodian.

BlackRock's move comes amid a surge in demand for bitcoin ETFs, as investors seek exposure to the digital asset without the hassle of buying and storing it.

BlackRock's ETF would compete with nine other bitcoin ETFs that have launched in the U.S. since October 2021, which have collectively attracted over $3 billion in assets.

BlackRock's ETF would also face regulatory hurdles, as the SEC has been reluctant to approve spot bitcoin ETFs due to concerns over market manipulation, fraud, and custody.

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