BlackRock, the world’s largest asset management company, has resubmitted its application for a Bitcoin spot exchange-traded fund (ETF) in collaboration with Nasdaq and Coinbase.
This renewed effort comes after the Securities and Exchange Commission (SEC) issued a warning regarding the initial application.
If approved, the proposed ETF would be a groundbreaking development in the United States, where previous Bitcoin ETF applications have faced rejection or delay due to concerns surrounding market manipulation, investor protection, and custody arrangements. So far, the SEC has only approved two Bitcoin futures ETFs that track BTC contracts on regulated exchanges.
According to sources cited by the Wall Street Journal, the SEC found the previous ETF filings to be inadequate, primarily due to the absence of the intermediary cryptocurrency exchange’s name.
In response, BlackRock and other companies, including Coinbase, made necessary changes to include Coinbase as the intermediary for these ETFs.