BlackRock and Coinbase team up for Bitcoin ETF

by Jul 4, 2023CryptoNews0 comments

BlackRock, the world’s largest asset manager, has partnered with Coinbase, the leading US cryptocurrency exchange, to launch a Bitcoin ETF (exchange-traded fund).

According to a filing with the US Securities and Exchange Commission (SEC), BlackRock has appointed Coinbase as the custodian of its proposed Bitcoin ETF, which will track the performance of the Bitcoin Futures Index.

The Bitcoin ETF will allow investors to gain exposure to the price movements of Bitcoin without having to buy or store the cryptocurrency directly. The ETF will also offer lower fees, higher liquidity, and more regulatory oversight than existing crypto products.

BlackRock is not the first company to apply for a Bitcoin ETF in the US, but it is the most influential and reputable one. The SEC has so far rejected or delayed all Bitcoin ETF applications, citing concerns over market manipulation, volatility, and investor protection.

However, many experts believe that the SEC will eventually approve a Bitcoin ETF, as the crypto market matures and becomes more regulated. A Bitcoin ETF could also boost the adoption and demand for Bitcoin, as it would open the door for more institutional and retail investors to enter the crypto space

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