JUST

Bitcoin

Standard

Read

<p class="is-style-lead">BlackRock, the asset management company with a staggering $9 trillion under its control, is said to be on the verge of applying to a bitcoin exchange-traded fund (ETF).</p>



<p>Insider sources have revealed that progress is being made in preparing the application.</p>



<h2 class="wp-block-heading" id="working-alongside-a-trusted-custodian">Working alongside a trusted custodian</h2>



<p>According to <a href="https://www.reuters.com/business/finance/blackrock-close-filing-bitcoin-etf-coindesk-2023-06-15/" target="_blank" rel="noreferrer noopener">reports</a>, the New York City-based investment giant is planning to partner with Coinbase Custody, a leading cryptocurrency storage and management platform.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">JUST IN: $9 trillion asset manager BlackRock to file for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> ETF, CoinDesk reports.</p>&mdash; Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1669344277078634502?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 15, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>This collaboration is expected to provide the necessary infrastructure and security for the potential <a href="https://crypto.news/price/bitcoin/">bitcoin</a> ETF. Moreover, BlackRock intends to leverage Coinbase Custody&#8217;s technology to ensure the integrity of the digital assets held within the ETF.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/hong-kong-pushes-hsbc-and-standard-chartered-to-embrace-crypto-clients/">
            Hong Kong pushes HSBC and Standard Chartered to embrace crypto clients        </a>
    </p>




<p>Furthermore, to ensure accurate and reliable pricing for the ETF, BlackRock plans to incorporate data from Coinbase&#8217;s spot market.&nbsp;</p>



<h2 class="wp-block-heading" id="the-sec-8217-s-stance-on-etfs">The SEC&#8217;s stance on ETFs</h2>



<p>The U.S. Securities and Exchange Commission (SEC) has consistently withheld its approval for a spot bitcoin exchange-traded fund (ETF), primarily due to apprehensions surrounding fraudulent activities and market manipulation. This ongoing skepticism has resulted in a series of rejections over the years.</p>



<p>The SEC&#8217;s reservations regarding Bitcoin ETFs date back to July 2016, when it <a href="https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html" target="_blank" rel="noreferrer noopener">did not approve a proposal</a> put forth by Cameron and Tyler Winklevoss. The proposal sought to list and trade shares of the Winklevoss Bitcoin Trust. </p>



<p>However, the regulatory agency expressed concerns about the lack of robust investor protections and the potential for price manipulation in the nascent cryptocurrency market. Since then several other firms have also filed, or revived previous applications, including ARK Investment and 21Shares in late April.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Regulators Have No Love for Bitcoin or Crypto: Saylor" width="1020" height="574" src="https://www.youtube.com/embed/AjX4twBYBzA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Since then, the SEC has remained cautious and hesitant to approve any spot bitcoin ETF applications. </p>



<p>The agency has consistently highlighted the need for comprehensive safeguards against fraud and manipulation before considering such proposals. This has only been amplified due to the SEC&#8217;s ongoing lawsuit against Binance and Coinbase, in which securities classification has spurred an ongoing crypto crackdown.</p>




    <p>
        Read more:

        <a href="https://crypto.news/us-fed-chair-hints-at-two-more-rate-hikes-while-crypto-suffers-volatility/">
            US Fed chair hints at two more rate hikes while crypto suffers volatility        </a>
    </p>

BlackRock nears bitcoin ETF filing, partnering with Coinbase custody

Table of Contents

crypto.news

Other articles published on Jun 15, 2023

MAY 2023 Recap

BEST LIVE BITCOIN CASINOS USA

Callisto Network Insider #15 - May 2023: Roadmap Unveiled, Increased Transparency, SOY Gains, and...

Adding COSMIC in-game tokens to your wallet

Jack Dorsey, Twitter Co-founder, Commits $5M to Bitcoin Developers

Unstoppable Ethereum: With AWS Down, Crypto Prevails

Join our free newsletter for daily crypto updates!