BlackRock, the world’s largest asset management company, has officially filed an application for a spot Bitcoin exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).

If the application is approved, it would be the world’s first crypto ETF. According to data from the Nasdaq stock exchange, Coinbase Custody Trust Company would represent the custodian of the fund’s BTC holdings while Bank of New York Mellon would custody the fund’s fiat.

The filing also stated that the “ice of bitcoin will be made available by one or more major market data vendors, updated at least every 15 seconds during the Regular Market Session.”

The application also had this to note in light of the convenience in which this Bitcoin ETF could provide:

“The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in bitcoin.”

Despite the numerous applications received, the SEC has not yet approved a spot Bitcoin ETF. The American financial watchdog recently rejected Grayscale’s application and the colossal investment company took the SEC to appeals court to argue the benefits of Bitcoin futures.

Should BlackRock’s application be approved, the milestone can act as a major driver for the company’s fundamental growth alongside sparking wild interest within the crypto sphere.

Sources:

https://cointelegraph.com/news/blackrock-apply-spot-bitcoin-etf-sec-nasdaq 

https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm

https://listingcenter.nasdaq.com/assets/rulebook/NASDAQ/filings/SR-NASDAQ-2023-016.pdf