• Blackrock, the world’s largest asset management firm has filed a spot Bitcoin ETF registration statement with the US SEC.
• The crypto custodian for this trust would be Coinbase and the cash custodian will be Bank of New York Mellon.
• The news of Blackrock’s filing caused a slight impact in the price of BTC as it saw some slight recovery.
Blackrock Set to Enter Bitcoin ETF Field with SEC Registration
Asset management firm Blackrock recently filed a Bitcoin ETF registration statement with the U.S. Securities and Exchange Commission (SEC). This led to a slight positive impact in the price of BTC as the king of cryptocurrencies saw some minor recovery.
Custodians For Trust’s Assets
The crypto custodian for this trust would be Coinbase, while the cash custodian will be Bank of New York Mellon. Notably, this is not only an attempt by Blackrock to get into the field but also join other firms who have been striving to get a green signal from the SEC for their own Bitcoin ETF applications which were rejected in past years.
Effect on Price Of BTC
The news seemed to have had some effect on the price of BTC as well according to CoinMarketCap, Bitcoin jumped by 1% after hearing about Blackrock’s filing and was trading at $25,588 at press time. It had a market cap of over $496 billion and was still in red despite its minor recovery over last few minutes.
Grayscale’s Lawsuit Against SEC
Several firms including Grayscale, which is one of the leading crypto asset management firms have failed to get approval from SEC for their own spot Bitcoin ETF application in past years and even went ahead and sued them for rejecting their application on insufficient grounds.
Larry Fink’s Stance On BTC
It is noteworthy that despite Larry Fink – CEO at Blackrock having an overall negative outlook on Bitcoin, he decided to file an application for spot Bitcoin ETF anyway which shows that his view might have slightly shifted or softened towards digital assets over last few months or so.