- As expected, the fund will use the services of Coinbase
- The exchange will provide market information and act as a custodian
- The product is available under the name iShares Bitcoin Trust
- The SEC had not previously allowed a single spot BTC ETF to market in the US
Yesterday, June 15, iShares, a division of BlackRock Fund, applied to register a spot bitcoin ETF. As previously stated, the exchange product is developed in collaboration with Coinbase.
We should remind you that yesterday some media reported that BlackRock is preparing for the registration of a new trust. And at the time, it wasn’t yet clear whether it would be a spot or futures ETF.
According to the company, the market data for the exchange product will be provided by Coinbase.. Also, the platform will serve as a custodian for the physical assets of the trust.
It is interesting that neither BlackRock nor Coinbase commented on the situation.. The fund chose a frankly bad time to launch the new product, and it is not entirely clear what prompted such a decision.</nbsp;
Previously, there were several attempts to launch a spot bitcoin-ETF in the U.S.. But all the companies were rejected. In one case, the Securities and Exchange Commission (SEC) was even sued.
Grayscale was unhappy with the regulator’s decision, calling it unreasonable. The CEO of the company predicts a court victory for the firm in the third quarter of this year.
But the chances of BlackRock are still somewhat higher. It is one of the largest funds in the world, with $10 trillion in assets under management.