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Abstract:BlackRock, the largest global asset manager, is taking steps towards submitting an application for a Bitcoin Exchange Traded Fund (ETF).
According to a recent report, BlackRock, the world's largest asset manager, is taking steps towards filing for a Bitcoin Exchange Traded Fund (ETF) after launching a spot Bitcoin private trust less than a year ago. The potential launch of a Bitcoin ETF by BlackRock would be a significant development in terms of mainstream adoption of cryptocurrency. This move by the asset manager comes at a time when regulators in the United States are stepping up enforcement actions against crypto-related businesses.
During the third quarter of 2022, BlackRock, the asset manager, formed a partnership with Coinbase, a US-based cryptocurrency exchange. However, Coinbase is currently involved in a legal dispute with the US Securities and Exchange Commission (SEC). In light of this, BlackRock is now expanding the partnership to include its plans for a Bitcoin ETF.
What BlackRock Bitcoin ETF Will Mean For Financial Markets
BlackRock's extensive global influence across various sectors positions its Bitcoin ETF initiative in a pivotal role for advancing crypto adoption to the next level. The success of this initiative relies on obtaining support from governments worldwide. Therefore, the strategic implementation of the ETF plan is expected to contribute significantly to the growth of the crypto market.
According to the report, the BlackRock ETF will utilize Coinbase Custody, a secure offline storage solution for digital assets, as well as leverage the exchange's spot market data for pricing.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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