Recent BlackRock Rumors Could Be HUGE For Crypto

June 15, 2023 11:31 am Comments

Rumors have been circulating regarding potential developments at capital management giant BlackRock.

Sources close to the matter claim that the $9 trillion hedge fund is planning on filing an application to launch a Bitcoin ETF.

What’s more, is that BlackRock is reportedly planning on using Coinbase as a custodian for the underlying funds backing the proposed exchange-traded product.

Previously, the SEC has stonewalled efforts by numerous blockchain firms—including Grayscale, to successfully file for a Bitcoin ETF.

It’s no secret that the current regulatory environment in the United States is hostile to crypto, and now might be one of the hardest times to successfully launch any type of crypto or crypto-related finance product.

Multiple outlets are currently reporting the same thing, giving more weight and credence to the rumors:

CoinDesk broke the story:

BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year.

It wasn’t clear if the ETF will be spot or futures. BlackRock did not immediately respond to requests for comment.


Watcher Guru writes:

The SEC is the regulatory body that governs ETFs in the United States. Moreover, they have rejected every single application for a spot Bitcoin ETF to this date, Coindesk reports.

However, it has approved Bitcoin futures ETFs for trading purposes. Thus, BlackRock’s approval may depend on that distinction.

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