Blackrock set to enter Bitcoin ETF field with SEC registration
- World’s largest asset management firm files a Bitcoin ETF registration statement with the US SEC.
- The crypto custodian for this trust would be Coinbase and the cash custodian will be Bank of New York Mellon.
Blackrock – the world’s largest asset management firm with over $10 million in AUM – has filed spot Bitcoin Exchange Traded Fund [ETF] registration statement. This could soon be followed by the firm filing an SEC application for a spot Bitcoin ETF.
Notably, the firm has joined the effort of getting a spot in Bitcoin ETF in the market despite the US Securities and Exchanges Commission (SEC) rejecting numerous applications in the past.
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Spot Bitcoin ETF back in the trend?
Notably, the BTC ETF comes under the iShares unit of the investment company. Moreover, Coinbase – a leading American crypto exchange – will be acting as the custodian for the Trust’s Bitcoin. Additionally, the Bank of New York Mellon will take custody of the cash. The SEC filing for the spot Bitcoin ETF read,
“iShares Delaware Trust Sponsor LLC (the “Sponsor”) is the sponsor of the Trust; [ ] (the “Delaware Trustee”) is the Delaware trustee of the Trust; BlackRock Fund Advisors (the “Trustee”) is the trustee of the Trust; Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) is the custodian for the Trust’s bitcoin holdings.”
Moreover, the news seemed to have had some effect on the price of BTC. According to CoinMarketCap, Bitcoin jumped by 1% in the past few minutes and was trading at $25,588 at press time. The king coin had a market cap of over $496 billion and was still in the red in the seven-day moving chart.
Several firms including Grayscale, the crypto asset management firm, failed to get a green signal from the SEC for a spot Bitcoin ETF. Grayscale has even walked the extra mile by suing the SEC. The lawsuit scrutinizes the commission’s bases for rejecting the firm’s spot BTC ETF.
Blackrock takes a U-turn on BTC’s stance?
Notably, the latest move comes in despite the pessimistic outlook of Blackrock’s CEO – Larry Fink on Bitcoin. A Twitter post shared today by Barry Silbert – Founder of Grayscale – highlights Fink’s remark about BTC back in 2017.
Fink stated that “Bitcoin just shows you how much demand for money laundering there is in the world”, in an interview with CNBC. The remark had come in when the king coin was trading around $5,800, significantly cheap compared to today’s price.