BlackRock, the world’s largest asset management company, has applied to the SEC for its subsidiary iShares Bitcoin Trust to issue a spot Bitcoin ETF.
BlackRock Inc. has moved on to potentially the first spot-on Bitcoin exchange-traded fund (ETF) launched in the US.
iShares, a subsidiary of BlackRock, the world’s largest asset management company, has applied to the SEC to issue a spot Bitcoin ETF. According to the filing with the SEC, the largest US crypto exchange Coinbase will be the company to which the funds will be entrusted. If the ETF gets approval, it will be traded on the Nasdaq.
According to Bloomberg Intelligence, this is at least the 33rd attempt by issuers for a spot-Bitcoin product.
However, filings have been unsuccessful in the past by regulators, who also voiced market concerns and a lack of investor protection.
The SEC, on the other hand, sued Coinbase last week for allegedly operating an illegal exchange, saying that the lack of clear rules for digital assets undermines America’s economic competitiveness.