CJ - Bitcoin Specialist
The biggest asset manager in the world, BlackRock, is apparently getting ready to submit an application for a Bitcoin Exchange-Traded Fund (ETF). BlackRock has selected Coinbase Custody as the dependable custodial option for the planned ETF, which is an important decision for the Bitcoin investment industry. Through this agreement, Coinbase's secure custody services and BlackRock's asset management expertise are combined.
CF Benchmarks' indices will be used to benchmark the Bitcoin ETF, which will use pricing information from six respected exchanges: Coinbase, Kraken, Gemini, Bitstamp, itBit, and LMAX Digital. By using a variety of pricing data sources, the performance of the ETF may be tracked with accuracy and transparency.
While the Securities and Exchange Commission (SEC) has previously rejected spot Bitcoin ETF applications, it has approved Bitcoin futures ETFs. BlackRock's filing for a spot Bitcoin ETF could mark a turning point in the industry, potentially opening doors for broader adoption and providing regulated access to the trusted Bitcoin market. This move by BlackRock, a heavyweight in the financial industry, signifies growing recognition and acceptance of cryptocurrencies as legitimate investment assets.
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