BlackRock, the world’s largest asset manager, has filed to launch the first publicly traded spot Bitcoin exchange-traded fund (ETF) in the United States, even as regulators in the country file lawsuits against cryptocurrency platforms for alleged securities law violations.
In a filing to the Securities and Exchange Commission (SEC) on Thursday, BlackRock stated that it wants to launch the “iShares Bitcoin Trust” with Coinbase Custody Trust Co. as the Bitcoin custodian.
If approved, the ETF will be listed on Nasdaq.
The application comes after the SEC sued Coinbase and Binance.US last week for allegedly violating securities laws.
Given that a Coinbase company would operate as custodian for the instrument, this raises doubts about whether the SEC will approve the ETF.