[NEW] Major US asset management company BlackRock files for Bitcoin ETF

BlackRock, the world's largest asset management company, filed an application for a Bitcoin spot ETF, "iShares Bitcoin Trust," with the U.S. Securities and Exchange Commission (SEC) on the 15th.

The ETF's custodian will be Coinbase Custody, provided by the cryptocurrency exchange Coinbase.

The iShares Bitcoin Trust appears to be based on the CME (Chicago Mercantile Exchange) CF Bitcoin Reference Rate index.

This index collects data from multiple cryptocurrency exchanges and is calculated with an emphasis on transparency and fairness. In addition to Coinbase, the data is made up of Kraken, Gemini, Bitstamp, and others.

In the application, BlackRock said, "This ETF provides an easier way to access Bitcoin, rather than directly acquiring, holding, and trading Bitcoin through a cryptocurrency exchange."

Although Bitcoin spot ETFs have been applied for many times in the past, none have been approved. There have already been several cases of Bitcoin futures ETFs being approved.

The SEC has repeatedly stated that one of the reasons for rejecting the approval of Bitcoin spot ETFs is that they do not meet the requirements for adequate customer protection, such as preventing market manipulation and fraud.

In addition, the SEC and Grayscale, a major U.S. crypto asset management company, are currently engaged in a legal battle after rejecting their application to convert their Bitcoin investment trust "GBTC" into an exchange-traded fund (ETF).

This year, the SEC has been tightening its grip on crypto asset-related businesses. Given this situation, it is currently unclear whether BlackRock's Bitcoin spot ETF will be approved.

Reference:Application form
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