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<a href="https://www.blackrock.com/ae/intermediaries/products/326614/ishares-blockchain-and-tech-etf">BlackRock</a>, a global leader in asset management and investment services boasting an impressive $9 trillion in assets, has officially filed for a Bitcoin SPOT ETF.



A Bitcoin SPOT ETF, or Exchange-Traded Fund, is a financial instrument that tracks the price of its underlying asset, allowing investors to gain exposure to the world&#8217;s largest cryptocurrency without needing to own and store it themselves



In a <a href="https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm">registration statement </a>with the The Securities and Exchange Commission, BlackRock has officially submitted a request for a Bitcoin SPOT ETF, known as <a href="https://www.blackrock.com/ae/intermediaries/products/326614/ishares-blockchain-and-tech-etf">&#8220;iShares® Bitcoin Trust&#8220;.</a>



Should the proposal be accepted, shares of BlackRock&#8217;s ETF will be publicly traded on The Nasdaq Stock Market, with 40,000 shares corresponding to the price of one Bitcoin.



<h2 class="wp-block-heading" id="strong-will-the-sec-finally-approve-a-bitcoin-spot-etf-strong">Will The SEC Finally Approve a Bitcoin SPOT ETF?</h2>



While BlackRock has previously offered cryptocurrency exposure to institutional clients in the United States<a href="https://www.blackrock.com/institutions/en-us/insights/bitcoin-private-trust"> via a public trust</a>, the likelihood of their current filing succeeding seems slim.



<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">BlackRock is reportedly on the brink of filing an application for a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETF, with plans to utilize @CoinbaseCustody for the ETF.<a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw">@BlackRock</a> began working with <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@Coinbase</a> to make crypto directly available to institutional investors last year.<a href="https://t.co/YJAPLUeXEq">https://t.co/YJAPLUeXEq</a> <a href="https://t.co/wlG5olzOTz">pic.twitter.com/wlG5olzOTz</a>&mdash; CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1669358759305687043?ref_src=twsrc%5Etfw">June 15, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Not only are the SEC currently in a<a href="https://chaindebrief.com/sec-accuses-coinbase-of-operating-unlicensed-exchange-claims-even-more-cryptocurrencies-are-securities/"> legal battle</a> with Centralized Exchange Coinbase, with whom BlackRock intend to work with for the ETF, but similar filings have failed to make progress over the last few years.



Most notably, <a href="https://chaindebrief.com/what-is-gbtc-and-why-wont-they-show-their-proof-of-reserves/">Greyscale&#8217;s attempts </a>at converting their flagship GBTC (Greyscale Bitcoin Trust) fund into a SPOT ETF has yet to make any headway since October 2021.



Ark Invest CEO Cathie Wood&#8217;s previous attempts at a SPOT Bitcoin ETF with <a href="https://21shares.com/">21 shares</a> were also turned down, with the latest rejection happening early this year.



Also Read: <a href="https://chaindebrief.com/4-market-moving-crypto-news-stories-you-might-have-overlooked-this-week/">4 Market-Moving Crypto News Stories You Might Have Overlooked This Week</a>



Editor’s Note: This article does not represent financial advice. Please do your research before investing.]



Featured Image Credit: ChainDebrief

Investment Giant BlackRock Files For Bitcoin SPOT ETF: Here’s Everything You Need To Know

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