BlackRock files for bitcoin ETF in push into crypto




BlackRock, the world’s biggest asset manager, has filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny, reports Reuters.

BlackRock’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the US Securities and Exchange Commission (SEC). The US regulator has yet to approve any applications for spot bitcoin ETFs.

Last year, BlackRock launched a spot bitcoin private trust for institutional clients in the United States.

The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the US securities regulator on alleged violations of securities laws.

Earlier this month, the regulator sued major exchanges Coinbase and Binance in high-profile lawsuits that reverberated through the digital assets industry.

The SEC rejected Grayscale Investment LLC’s application last year to convert its flagship spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF.

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