A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid
A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid
A representation of the cryptocurrency is seen in front of Bitcoin logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
A representation of the cryptocurrency is seen in front of Bitcoin logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Asset manager BlackRock files for bitcoin ETF

June 15th, 2023 | 13:45 PM BUSINESS Finance 1

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By Reuters

BlackRock (BLK.N) on Thursday filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, betting on the asset class that has come under pressure from regulatory action in recent months.

The asset management giant's iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S. Securities and Exchange Commission.

The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the U.S. securities regulator on alleged violations of securities laws.

Earlier this month, the regulator sued major exchanges Coinbase and Binance in high-profile lawsuits that reverberated through the digital assets industry.

Previously, the SEC has rejected multiple spot bitcoin ETF applications.

Plans for BlackRock's ETF were reported by CoinDesk earlier in the day.

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