The SEC Might Finally Approve 🚀🚀
BlackRock, managing a whopping $9.5 trillion in assets, has just filed an application for a spot #bitcoin ETF.
Coinbase, the largest US #crypto exchange, will be BlackRock's partner in this groundbreaking endeavor.
The ETF will utilise Coinbase Custody for secure storage and will rely on Coinbase's spot market data for pricing.
Plus, BNY Mellon will be the trusted cash custodian.
This move comes after BlackRock's partnership with Coinbase last year, which granted BlackRock clients access to Coinbase's trading, custody, and prime brokerage services.
Registering a Bitcoin ETF with the SEC is no easy feat, especially for spot market trading.
But BlackRock is determined to break the mold and offer investors exposure to Bitcoin without the hassle of holding it themselves.
The SEC's hesitancy in approving spot market ETFs has been a contentious issue.
However, four Bitcoin ETFs for futures trading have already been given the green light.
Grayscale's previous attempt to launch a Bitcoin spot market ETF was rejected, leading to a legal battle.
But BlackRock might just crack the code with its Coinbase partnership!
Stay tuned for updates as the SEC reviews BlackRock's application.
Are we on the verge of a historic shift in the cryptocurrency market?
This could be HUGE 🚀
~Keyur