BlackRock is pushing to launch the first spot bitcoin exchange-traded fund in the US, even as the crypto sector faces a regulatory crackdown in the country.on Thursday to create the iShares Bitcoin Trust, using Coinbase as its custodian.
If approved, the ETF would trade on the Nasdaq exchange and allow investors easy exposure to the crypto market through one of the top names of the investment world. That could be a watershed moment for the digital-asset industry in the US - and would be a great boost for bitcoin, according Galaxy Digital CEO Mike Novogratz.
"The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange," the filing said. The move comes at a time when the crypto industry faces intense scrutiny from US regulators, following the collapse of Sam Bankman-Fried's FTX. Coinbase itself, along with Binance, the two largest crypto players in the industry, were both recently sued by the SEC for allegedly operating unregistered securities.
Billionaire crypto bull Novogratz hailed BlackRock's move as a potential win for bitcoin, should it be successful.