“An estimated 20% of Americans have now owned bitcoin at some point. BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible,” said Sui Chung, CEO of CF Benchmarks, in an email to CoinDesk. “BlackRock’s increasing engagement shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions.” Original
BlackRock’s latest filing for a spot Bitcoin (BTC) trust will drive investors’ confidence in Bitcoin and may even be “the best thing that could happen” to BTC, according to some crypto industry observers — but others warn of a hidden cost. During an interview on June 16, Galaxy Digital CEO Mike Novogratz said the approval of BlackRock’s ETF application would be “the best thing that could happen to $BTC.” “I say a Hail Mary every night that Larry Fink and @blackrock pull off a @bitcoin ETF,” Novogratz reportedly said on…
BlackRock has filed an application for a Bitcoin spot exchange traded fund (ETF). The investment company is the world’s largest and it would be the first crypto spot ETF in the United States, if it receives approval. According to a filling by the Nasdaq stock exchange with the U.S. Securities and Exchange Commission (SEC), Coinbase Custody Trust Company would be the custodian of the fund’s Bitcoin holdings and Bank of New York Mellon would custody its fiat. BlackRock’s iShares Bitcoin Trust would be traded as Commodity-Based Trust Shares. According to the application filed on…
The largest cryptocurrency rose more than 1.3% in the hour after the announcement. Source
Bitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Filip Radwanski | Sopa Images | Lightrocket | Getty Images Asset management giant BlackRock took the first steps on Thursday to launch a spot bitcoin exchange traded fund, which has long been a point of contention between crypto advocates and federal regulators. The firm filed an application with the Securities and Exchange Commission to launch the iShares Bitcoin Trust. If approved, the ETF would allow easy access for investors to get exposure to crypto in a…
The SEC has rejected numerous attempts by other fund companies to launch a spot bitcoin ETF. Original
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BlackRock, the asset management company with a staggering $9 trillion under its control, is said to be on the verge of applying to a bitcoin exchange-traded fund (ETF). Insider sources have revealed that progress is being made in preparing the application. Working alongside a trusted custodian According to reports, the New York City-based investment giant is planning to partner with Coinbase Custody, a leading cryptocurrency storage and management platform. JUST IN: $9 trillion asset manager BlackRock…
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BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the source said. Original
The underperformance stems from the costs associated with the fund’s structure. BITO does not purchase tokens, instead it holds BTC futures contracts on the Chicago Mercantile Exchange (CME). The fund must roll over the contracts every month as they expire, making it vulnerable to the price difference between terms. If next month’s contract trades at a premium to the nearest expiry – a phenomenon called contango and typical during a bull market – over a sustainable period, the fund will compound losses due to the “contango bleed.” Source