BlackRock, the world’s largest asset management company, applied to the SEC for its subsidiary iShares Bitcoin Trust to issue a spot Bitcoin ETF. BlackRock Inc. has moved on what is potentially the first spot-to-Bitcoin exchange-traded fund (ETF) to launch in the United States.
iShares, a subsidiary of BlackRock, the world’s largest asset management company, has applied to the SEC to issue a spot Bitcoin ETF. According to the application made to the SEC, Coinbase, the largest crypto exchange in the USA, will be the company to which the funds will be entrusted. If the ETF receives approval, it will be listed on Nasdaq.
This is at least the issuers’ 33rd attempt at a spot-Bitcoin product, according to Bloomberg Intelligence. But applications have been rejected in the past by regulators, who have also cited market concerns and a lack of investor protection.
On the other hand, the SEC filed a lawsuit against Coinbase last week for allegedly operating an illegal exchange and said the lack of clear rules for digital assets hurts America’s economic competitiveness.
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