Good news for the crypto industry. The world’s largest asset manager BlackRock is planning to launch a bitcoin spot ETF in the US. This is intended to enable investors to invest in cryptocurrency.
Despite strict regulations, the world’s largest asset manager Blackrock wants to launch a publicly tradable spot bitcoin ETF in the US. This is intended to allow investors to invest in the cryptocurrency.
Previous applications, which competitors submitted, were rejected by the US Securities and Exchange Commission. So, if this application is approved, it would be the first crypto spot ETF in the US.
According to the documents filed with the SEC, the ETF will be launched in cooperation with crypto exchange Coinbase. This is what the “NZZ” writes. This should make it easier for institutional investors to trade bitcoin.
The stock exchange regulator has rejected all previous applications from asset managers. This is due to market concerns and lack of investor protection. He said the risk of manipulation is still very high due to the unregulated marketplaces.
The crypto industry is currently under increased scrutiny from American politicians and authorities. So Blackrock’s application is encouraging for the industry. The asset manager’s announcement drove the share price to over $25,000 on Friday after its lowest level in March.