Recent BlackRock Rumors Could Be HUGE For Crypto
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June 15, 2023 11:31 am
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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:
BlackRock is reportedly on the brink of filing an application for a #Bitcoin ETF, with plans to utilize @CoinbaseCustody for the ETF.@BlackRock began working with @Coinbase to make crypto directly available to institutional investors last year.https://t.co/YJAPLUeXEq pic.twitter.com/wlG5olzOTz
— CoinDesk (@CoinDesk) June 15, 2023
It is being reported that @BlackRock is close to filing for a #Bitcoin ETF – no details on if its a futures or spot. But we know #BlackRock has a private Bitcoin spot trust.
See my tweet from Sep 2022 below – if corrupt @GaryGensler approves a BlackRock BTC Spot ETF ahead of… https://t.co/fmEvlFOgyT pic.twitter.com/mrvdVkH9mI
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) June 15, 2023
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.
BlackRock is reportedly set to file an application for a #Bitcoin ETF, utilizing Coinbase Custody and spot market data to enhance accessibility for institutional investors.@nikcantmine covers the news:https://t.co/qNuJgfkeHU
— Bitcoin Magazine (@BitcoinMagazine) June 15, 2023
JUST IN: $9 trillion asset manager BlackRock to file for #Bitcoin ETF, CoinDesk reports.
— Watcher.Guru (@WatcherGuru) June 15, 2023
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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