What Happened on June. 16th | BlackRock Files for Spot Bitcoin ETF

TI Research

The approval of a spot Bitcoin ETF has been an issue in the U.S., with the SEC having rejected all spot Bitcoin ETF applications to date. However, the regulatory body has given the green light to several Bitcoin futures ETFs.

BlackRock, one of the world’s largest asset managers, has filed plans with the U.S. Securities and Exchange Commission to create a spot Bitcoin ETF through its iShares subsidiary.

According to the filing, the trust’s purpose is to “own bitcoin transferred to the trust in exchange for shares issued by the trust,” and the trust’s assets consist mainly of Bitcoin.

Coinbase Custody Trust Co. LLC will serve as the custodian for the trust’s bitcoin holdings, with Bank of New York Mellon as the custodian for the trust’s cash holdings. The shares issued by the ETF are expected to be listed on Nasdaq.

Though approving a number of futures-based bitcoin ETFs, the SEC has notably rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.

BlackRock, however, may not be as easy for the SEC to turn away. It's the world's largest asset manager with more than $10 trillion in assets under management (AUM) and the company and its CEO Larry Fink has political power to possibly match that of the SEC and its leader Gary Gensler.

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