BlackRock, the world’s largest investment company, has submitted an application for a Bitcoin spot exchange-traded fund (ETF). If approved, this would mark the first-ever crypto spot ETF in the United States.
With Coinbase Custody Trust Company as the custodian for Bitcoin holdings and Bank of New York Mellon for fiat custody, BlackRock’s iShares Bitcoin Trust aims to provide investors with a simplified and accessible way to invest in Bitcoin.
BlackRock’s Application for Bitcoin Spot ETF: BlackRock has officially filed an application for a Bitcoin spot ETF, seeking to offer investors exposure to Bitcoin through a regulated exchange-traded product.
As the world’s largest investment company, BlackRock’s entry into the cryptocurrency market signals a significant milestone and potential game-changer for the industry.
According to the filing made by the Nasdaq stock exchange with the U.S. Securities and Exchange Commission (SEC), Coinbase Custody Trust Company would serve as the custodian for the fund’s Bitcoin holdings.
Additionally, the Bank of New York Mellon would be responsible for the custody of fiat assets. These trusted custodians bring credibility and security to the BlackRock Bitcoin ETF.
BlackRock’s iShares Bitcoin Trust aims to overcome the complexities and operational burdens associated with direct investment in Bitcoin.
By offering a regulated ETF, BlackRock seeks to provide investors with an accessible and streamlined approach to gain exposure to the potential of Bitcoin’s value appreciation.
To ensure transparency and accuracy, the Bitcoin price of the ETF will be updated “at least” every 15 seconds during regular market trading, using the CF Benchmarks Index.
This approach aims to provide investors with reliable and up-to-date information regarding the fund’s underlying asset value.
