Asset manager BlackRock files for bitcoin ETF

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[1/2] A specialist trader works at the station where BlackRock trades on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 21, 2022. REUTERS/Brendan McDermid

June 15 (Reuters) – BlackRock (BLK.N) on Thursday filed a bitcoin exchange-traded fund (ETF) that would allow investors to gain exposure to the cryptocurrency, betting on the asset class that has suffered the pressure from regulatory measures in recent months.

Asset management giant 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 US securities regulator over alleged violations of securities laws.

Earlier this month, the regulator sued major exchanges Coinbase and Binance in high-profile lawsuits that have spilled over into the digital asset industry.

Previously, the SEC rejected several applications for spot bitcoin ETFs.

Plans for BlackRock’s ETF were reported by CoinDesk earlier today.

Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Devika Syamnath and Pooja Desai

Our standards: The Thomson Reuters Trust Principles.

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