BlackRock, the world’s largest asset manager is close to filing an application for a Bitcoin ETF (exchange traded fund), according to sources close to the matter.
The firm will be using COINBASE (COIN) as the crypto currency custodian for the spot exchange pricing data. Coinbase has refused to answer to any questions.
According to this source, BlackRock initially began working with Coinbase to make cryptocurrencies available to institutional investors mid-2022. In recent news, crypto exchanges Binance and Coinbase were sued by the regulator on alleged violations of securities laws.
As it stands, the Securities Exchange Commission (SEC), which oversees the trading of financial securities in the US, has rejected every application for a Bitcoin ETF but has approved the option of using derivatives contracts to trade crypto currencies through the form of futures.
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