- The world’s largest asset manager files a Bitcoin ETF registration statement with the US SEC
- The crypto custodian for this trust would be Coinbase and the cash custodian will be Bank of New York Mellon
Blackrock – the world’s largest asset manager with over $10 million in assets under management – has archived spot Bitcoin Exchange Traded Fund [ETF] registration statement. This could soon be followed by the filing of an SEC filing for a spot Bitcoin ETF. Notably, the company has joined efforts to gain a place in Bitcoin ETF on the market despite the US Securities and Exchanges Commission [SEC] rejecting numerous applications in the past.
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Bitcoin ETF back in trend?
Notably, the BTC ETF falls under the iShares unit of the investment company. In addition, Coinbase – a leading US crypto exchange – will act as the Trust’s custodian of Bitcoin, while Bank of New York Mellon will hold the funds. Read the SEC filing for the Bitcoin ETF spot,
“iShares Delaware Trust Sponsor LLC (the “Sponsor”) is the sponsor of the Trust; [ ] (the “Delaware Trustee”) means the Delaware trustee of the Trust; BlackRock Fund Advisors (the “Trustee”) is the trustee of the Trust; Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) is the custodian of the Trust’s bitcoin holdings.”
In addition, the news appears to have had some effect on the price of BTC. According to CoinMarketCap, Bitcoin is up 1% in the past few minutes and was trading at $25,588 at the time of writing. The king coin had a market cap of over $496 billion and was still in the red on the seven-day moving chart.
Several companies, including Grayscale – a crypto asset management company – have not received a green signal from the SEC for a spot Bitcoin ETF. Grayscale even went the extra mile by suing the SEC. The lawsuit examines the commission’s grounds for rejecting the company’s spot BTC ETF.
Blackrock takes a U-turn on BTC stance?
The last move, in particular, comes in despite Blackrock’s CEO – Larry Fink’s pessimistic view of Bitcoin. A Twitter post shared today by Barry Silbert — founder of Grayscale — highlights Fink’s comment about BTC in 2017. Fink stated that “Bitcoin just shows you how much money laundering demand there is in the world,” in an interview with CNBC. The comment had come in when the king coin was trading around $5,800, significantly cheap compared to its current price.