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SEC Finds 'No Grounds' to Deny Conversion of Bitcoin ETF, Grayscale Says
BlackRock, the largest asset manager globally, is reportedly nearing the completion of an application for a Bitcoin ETF (exchange-traded fund), as disclosed by a knowledgeable source.
BlackRock has reportedly chosen to leverage Coinbase Custody for their ETF, while relying on Coinbase's spot market data to determine pricing, as disclosed by an anonymous source. Coinbase declined to offer any comments on the matter.
BlackRock initiated a collaboration with Coinbase in the middle of last year to facilitate direct access to cryptocurrencies for institutional investors.
The nature of the ETF, whether it will be spot or futures-based, remains uncertain. BlackRock has yet to provide a response to inquiries for comment.
Up until now, the Securities and Exchange Commission (SEC), the regulatory body responsible for supervising ETFs in the United States, has consistently denied all applications for a bitcoin ETF to be listed. However, it has granted approval for several bitcoin futures ETFs to be traded.
