- BlackRock is close to filing an application for a Bitcoin ETF according to a CoinDesk report.
- The asset manager will use Coinbase Custody and the exchange’s spot market data for pricing, according to a source close to the matter.
- The global investment manager is undeterred by the SEC’s lawsuit against Coinbase and continues its working partnership with Coinbase.
BlackRock, the world’s largest investment manager, is working on an application for a Bitcoin Exchange Traded Fund (ETF). A source close to the matter informed CoinDesk that the asset manager plans on using Coinbase Custody for the ETF.
While Coinbase is currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC), BlackRock is undeterred by the lawsuit.
Also read: Tether crumbles under selling pressure as CTO assures USDT holders
BlackRock prepares Bitcoin ETF application
BlackRock has $8.59 trillion in assets under management as of December 2022. The global investment firm is making strides towards filing a Bitcoin ETF application in the atmosphere of regulatory uncertainty surrounding cryptocurrencies.
According to a CoinDesk report, a source familiar with the matter said that BlackRock will use Coinbase Custody, a crypto custodian service and the exchange’s spot market data for pricing.
The Coinbase Custody service currently supports 12 crypto assets, including Ethereum, Tether, Dogecoin and Cardano.
While Coinbase tackles the SEC lawsuit, the asset manager is set to utilize the exchange’s services for its product offering. BlackRock first started working with Coinbase in 2022, making crypto available to institutional investors.
It remains unclear whether the ETF application is for a spot or futures product. Moreover, till date, the US financial regulator has rejected every single application for a spot Bitcoin ETF. Several Bitcoin futures ETFs, ProShares, Valkyrie, VanEck, and Bitwise were approved, among others.
The FXStreet team approached Coinbase and BlackRock for comments. Watch this space for updates.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Slow but positive start
Bitcoin edges slightly lower, trading around $96,500 on Friday after an over 2.5% recovery this week, with historical data showing modest average January returns of 3.35%. On-chain metrics suggest the bull market remains intact, indicating a cooling-off phase rather than a cycle peak.
Stellar bulls aim for double-digit rally ahead
Stellar extends its gains, trading above $0.45 on Friday after rallying more than 32% this week. On-chain data indicates further rally as XLM’s Open Interest and Total Value Locked rise. Additionally, the technical outlook suggests a rally continuation projection of further 40% gains.
BTC, ETH and XRP eyes for a rally
Bitcoin’s price finds support around its key level, while Ethereum’s price is approaching its key resistance level; a firm close above it would signal a bullish trend. Ripple price trades within a symmetrical triangle on Friday, a breakout from which could signal a rally ahead.
Could XRP surge to new highs in January 2025? First two days of trading suggest an upside bias
Ripple's XRP is up 7% on Thursday, extending its rally that began during the New Year's Day celebration. If long-term holders (LTH) continue their recent accumulation, XRP could overcome the $2.9 resistance level and aim for a new all-time high.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.