The world’s largest asset manager has been waiting to offer an exchange-traded fund for its iShares Bitcoin Trust in the United States.
The United States Securities and Exchange Commission has delayed an application for a Bitcoin exchange-traded fund from global asset manager BlackRock.
The asset manager, which is said to have 8.5 trillion of assets on its books, has had its iShares Bitcoin Trust delayed, aimed at offering investors access to Bitcoin markets without having to have direct exposure to BTC itself. In June, BlackRock lodged an application for a Bitcoin-backed ETF with the U.S. SEC, with Coinbase Custody listed as the planned custodian of the fund’s Bitcoin holdings while the Bank of New York Mellon would be in charge of its fiat accounts.
BlackRock’s filing outlined the value of the shares in removing “obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin”. The ETF delay came after cryptocurrency asset manager Grayscale Investments managed to have an SEC decision overturned that had originally denied the listing of its over-the-counter Grayscale Bitcoin Trust (GBTC) on Aug. 29.
A swathe of Bitcoin ETFs have already been delayed by the SEC on Aug. 31. The commission designated a longer period to review applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.
This is a developing story, and further information will be added as it becomes available.