BlackRock applies for first-ever US Bitcoin ETF.

BlackRock has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin exchange traded fund (ETF). If approved, it would be the first crypto spot ETF in the United States. Coinbase Custody Trust Company would be responsible for holding the fund’s Bitcoin assets, while Bank of New York Mellon would hold its fiat. BlackRock’s iShares Bitcoin Trust would be traded as Commodity-Based Trust Shares. The aim of the ETF is to simplify the process of investing in Bitcoin. The Bitcoin price would be updated at least every 15 seconds using the CF Benchmarks Index.

The SEC has yet to approve a spot Bitcoin ETF, despite several applications. Grayscale appealed to the SEC after its application to create a spot Bitcoin ETF was rejected. Cathie Wood’s ARK Invest and European investment firm 21Shares have also applied for spot Bitcoin ETF approval. Canada’s Purpose Bitcoin ETF became the world’s first spot traded Bitcoin ETF in early 2021.