Exchange Traded Fund terminology can sometimes be tricky, and fund management giant BlackRock’s application for a spot Bitcoin ETF has raised some questions.with the U.S. Securities and Exchange Commission for creation of the iShares Bitcoin Trust.
In this sense, Acheson noted, the iShares product is nothing like GBTC, which has no redemption mechanism. “The market hears ‘trust’ and thinks it will be like GBTC with no redemptions, but that's not the case here,” Acheson said.
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BlackRock applies for spot Bitcoin ETF — a US first if approvedThe investment firm joins a long line of applicants; ARK is among those still waiting to hear from the SEC and Grayscale has appealed its rejection. According to a filling by the Nasdaq stock exchange with the U.S. Securities and Exchange Commission, coinbase Custody Trust Company would be the custodian of the fund’s Bitcoin holdings and Bank of New York Mellon would custody its fiat.
Source: Cointelegraph - 🏆 562. / 51 Read more »
First Mover Americas: BlackRock Files for a Spot Bitcoin ETFBlackRock filed for a spot bitcoin ETF and altcoins suffered losses over the last week, with the tokens called out as securities in the SEC’s lawsuits witnessing some of the worst drops. LedesmaLyllah reports in First Mover Americas
Source: CoinDesk - 🏆 291. / 63 Read more »