BlackRock, the world’s largest asset manager, has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF). If approved, this would be the first Bitcoin spot ETF in the U.S.
BlackRock’s ETF would be called the iShares Bitcoin Trust and would be listed on the New York Stock Exchange Arca. The fund would track the price of Bitcoin using the CF Benchmarks Bitcoin Reference Rate (BRR).
BlackRock is a major player in the financial services industry and has over $10 trillion in assets under management. The firm’s entry into the Bitcoin ETF market would be a major milestone for the cryptocurrency industry.
The SEC has been hesitant to approve Bitcoin ETFs in the past, citing concerns about market manipulation and investor protection.
However, there has been growing pressure on the SEC to approve a Bitcoin ETF, as more and more institutional investors are looking to invest in the cryptocurrency.
