This world-leading asset manager wants to launch in the US a bitcoin spot product, something that scores of competitors have attempted and failed to do.
BlackRock’s iShares Bitcoin Trust, whose assets totaled $9.1 billion through the end of March, was announced in a SEC filing on Thursday.
Coinbase will be the custodian for the bitcoins held by the trust, until the SEC approves the product. The SEC sued the crypto exchange last week for allegedly operating as an unregistered exchange — a charge the company has denied.
BlackRock koom tes nrog Coinbase lub yim hli ntuj dhau los, txuas cov pab pawg peev txheej platform, Aladdin, nrog Coinbase Prime - txuas ntxiv kev lag luam crypto, kev saib xyuas, thawj tus brokerage thiab tshaj tawm peev xwm rau BlackRock cov neeg siv khoom.
The product planned would be based on a bitcoin benchmark rate collected by CF Benchmarks. Kraken is a subsidiary of CF Benchmarks that gathers exchange price data to continuously track spot prices.
“An estimated 20% of Americans have now owned bitcoin at some point,” Sui Chung, CEO of CF Benchmarks said this in a press release. “BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible.”
Since years, fund issuers tried to launch bitcoin spot ETFs on the US market.
Although regulators of other countries have approved products that directly invest in bitcoin (BTC), the SEC has blocked them due to concerns about market manipulation.
ETFs which invest in bitcoin contracts for futures have been permitted to enter the market by regulators.
Grayscale Investments sued the SEC in 2013 after the SEC refused to allow the company to convert the flagship Bitcoin Trust, GBTC, into an ETF. The firm noted that these approvals made the SEC’s refusal of a bitcoin spot ETF, at least partially, invalid. “arbitrary and capricious.”
David Hirsch of the SEC’s Division of Enforcement’s Crypto Asset and Cyber Unit said that at a recent conference, prospective issuers of spot Bitcoin ETFs had not yet established there was a market for the product. “an adequate system of surveillance” Trading on an exchange is comparable.
BlackRock released its iShares and blockchain tech ETF (IBLC), launched prior to the linkup with Coinbase in April 2020, when it was still a BlackRock product.
IBLC cov khoom muaj nqis hauv kev tswj hwm zaum ntawm qhov tsis txaus $ 7 lab tom qab ntau tshaj li ib xyoos ntawm kev ua lag luam - txawm tias cov nyiaj tau nce 75% xyoo rau hnub tim.
BlackRock CEO Larry Fink also showed his optimism in the underlying technology of crypto over the last year. He said at a New York Times Summit held last November, that tokenizing securities was a good idea. “the next generation for markets.”
Koj puas paub tias ntau dua $ 140 nphom nyiaj hauv Bitcoin, lossis kwv yees li 20% ntawm tag nrho cov khoom siv Bitcoin, tam sim no raug kaw hauv hnab nyiaj tsis siv? Los yog tej zaum koj tau ploj mus rau koj lub hnab nyiaj Bitcoin? Tsis txhob cia cov nyiaj ntawd nyob twj ywm! AI Seed Phrase Finder nyob ntawm no los pab koj rov nkag tau yooj yim dua. Cov software muaj zog no siv cov thev naus laus zis thev naus laus zis thev naus laus zis thiab kev txawj ntse tsim los tsim thiab txheeb xyuas suav tsis txheeb cov kab lus thiab cov yuam sij ntiag tug, tso cai rau koj rov nkag mus rau cov hnab nyiaj uas tau tso tseg nrog cov txiaj ntsig zoo.
