BlackRock is reportedly close to filing its Bitcoin ETF application

BlackRock, the world’s largest asset manager, is reportedly on the verge of filing a Bitcoin ETF application, an unknown source has revealed to CoinDesk.

CoinDesk reported today that BlackRock intends to use Coinbase Custody to secure digital assets and use the exchange’s spot market data for pricing.

The Securities Exchange Commission (SEC) sued Coinbase on June 6 for violating securities laws, including operating as an unregistered exchange. At this stage, it’s unclear how the ongoing legal action will impact the ETF filing.

Bitcoin ETF approval has been a contentious issue in the U.S., with SEC having rejected all spot Bitcoin ETF applications to date. However, the regulatory body has given the green light to several Bitcoin futures ETFs, indicating a level of acceptance for crypto-based financial products.

The SEC’s hesitance to approve spot Bitcoin ETFs has been primarily due to concerns over market manipulation and the lack of oversight on many cryptocurrency exchanges.

BlackRock is the world’s largest asset manager, with more than $9 trillion in assets under management. As such, its involvement any the cryptocurrency sector would carry significant weight in the industry.

BlackRock did not confirm whether its ETF application was for a spot or futures product.