BlackRock is close to filing bitcoin ETF application

Asset management giant BlackRock is reportedly edging closer to filing an application for a bitcoin exchange-traded fund (ETF), according to sources cited by CoinDesk.

In its pursuit of the ETF, BlackRock is said to be partnering with Coinbase Custody, a reputable offline storage solution for digital assets. By leveraging Coinbase’s custody services, BlackRock aims to establish a secure and reliable framework for safeguarding the bitcoin holdings underlying the ETF. Additionally, the asset manager plans to use Coinbase’s spot market data for precise pricing of the fund.

This potential move by BlackRock comes at a time when the cryptocurrency industry is facing increased regulatory scrutiny, particularly in the United States. The U.S. securities regulator has recently filed lawsuits against major exchanges Coinbase and Binance, reflecting the heightened attention on regulatory compliance within the digital assets sector. These developments highlight the need for stakeholders to closely monitor regulatory changes and their potential impact on the industry.