BlackRock, the world’s largest asset manager, submitted an application for a spot Bitcoin ETF on Thursday, as reported first by CoinDesk. The asset manager intends to leverage Coinbase Custody for the ETF while utilizing the exchange’s spot market data for pricing. The iShares Bitcoin Trust will be used to “reflect generally the performance of the price of bitcoin.” The sponsor of the iShares Delaware Trust is iShares Delaware Trust Sponsor LLC while BlackRock Fund Advisors acts as the trustee of the trust. Coinbase Custody Trust Company, LLC will be responsible for the Trust’s bitcoin holdings and the Bank of New York Mellon for the Trust’s cash holdings. No statements have been made by either BlackRock or Coinbase about the matter.
A Volatile Week in the Crypto MarketThe crypto market experienced a volatile week, with Bitcoin's price spiking $1,000 higher on Monday, only to end the week where it...Read more