In an announcement that could shake up the financial world, investment giant BlackRock is reportedly set to file an application for a Bitcoin ETF.
According to information reported by media outlet Coindesk, BlackRock, which manages over ten trillion dollars in assets, plans to rely on Coinbase Custody to manage the ETF, while data from the crypto exchange’s spot market will be used to determine the price of Bitcoin.
Bitcoin ETF, Blackrock doesn’t guarantee?
If confirmed, this news could be a powerful catalyst to revive the Bitcoin price, which is struggling to resume an upward trend under pressure from repressive actions by the US Securities and Exchange Commission (SEC).
However, BlackRock’s filing of a Bitcoin ETF application does not guarantee its approval. The Securities and Exchange Commission has so far refused all Bitcoin ETF applications submitted to it. Nevertheless, due to its considerable size and influence in the financial arena, BlackRock may have a better chance of having its application accepted.
Although this news, unconfirmed at this stage, has yet to have a direct impact on the current Bitcoin price, which remains around $25,041, it is generating a great deal of interest in the crypto industry. Market observers are eager to see whether BlackRock will succeed in ushering in a new era of Bitcoin investing with this revolutionary ETF.