The $10 trillion asset management giant BlackRock filed with the Securities and Exchange Commission (SEC) to launch a Bitcoin Spot ETF on Thursday – a product yet to see life within the United States

BlackRock plans to partner with Coinbase to provide custody for the Bitcoin backing the funds, as with its Bitcoin trading service announced last year

BlackRock’s ETF Bid

As reported by CNBC, the asset manager filed with the SEC to launch the iShares Bitcoin Trust, which would provide easy investor access to Bitcoin from a Wall Street Giant

“The Trust seeks to reflect generally the performance of the price of bitcoin,” reads the filing. “The assets of the Trust consist primarily of bitcoin held by the Bitcoin Custodian on behalf of the Trust.

The filing added that shares in the trust are meant to constitute a simple means of investing in Bitcoin rather than trading and holding it on a peer-to-peer basis

Other firms have spent years trying to launch a similar product, but have continuously been denied by the SEC. By contrast, the agency has approved multiple Bitcoin Futures ETFs, which are backed by Bitcoin futures contracts rather than real BTC

The SEC prefers the futures product because the market for its underlying assets is surveilled by the Chicago Mercantile Exchange (CME), which can help detect market manipulation

Can BlackRock Succeed?

Grayscale’s spot ETF proposal was rejected last year because it tried to form a surveillance-sharing agreement with the CME Bitcoin Futures market, which the SEC did not consider closely related enough to the spot Bitcoin market

Grayscale has since sued the SEC, and judges overseeing the case have expressed skepticism over the SEC’s argument

Blackrock said it would determine the value of the Bitcoin in its trust each day with reference to the CF Benchmarks Index.

The Index tracks the price of Bitcoin across Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital, and strives for “resistance to manipulation” while not including “any futures prices in its methodology.”

Penafian: Informasi di halaman ini dapat berasal dari pihak ketiga dan tidak mewakili pandangan atau opini Gate. Konten yang ditampilkan hanya untuk tujuan referensi dan bukan merupakan nasihat keuangan, investasi, atau hukum. Gate tidak menjamin keakuratan maupun kelengkapan informasi dan tidak bertanggung jawab atas kerugian apa pun yang timbul akibat penggunaan informasi ini. Investasi aset virtual memiliki risiko tinggi dan rentan terhadap volatilitas harga yang signifikan. Anda dapat kehilangan seluruh modal yang diinvestasikan. Harap pahami sepenuhnya risiko yang terkait dan buat keputusan secara bijak berdasarkan kondisi keuangan serta toleransi risiko Anda sendiri. Untuk detail lebih lanjut, silakan merujuk ke Penafian.

Komentar

0/400

Tidak ada komentar