TechFlow news, according to CoinDesk, citing sources close to the matter, BlackRock, the world's largest asset management firm, is preparing to file an application for a Bitcoin ETF (exchange-traded fund). The source indicated that BlackRock will use Coinbase (COIN) Custody for custody and rely on spot market data from the cryptocurrency exchange for pricing, while Coinbase declined to comment.
Notably, since mid-last year, BlackRock has partnered with Coinbase to enable institutional investors to directly access cryptocurrencies. It remains unclear whether the ETF will be a spot or futures product, and it is also uncertain whether BlackRock will opt to use futures in its operations.
BlackRock did not immediately respond to requests for comment. The news comes amid significant industry attention, as the U.S. Securities and Exchange Commission (SEC), which regulates ETFs in the United States, has so far rejected all applications for spot Bitcoin ETFs, although it has approved several Bitcoin futures ETFs for trading.
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