The world largest asset manager, BlackRock, has submitted a revised prospectus for its Bitcoin exchange-traded fund (ETF).
This update follows moves made by other financial giants like Ark and Fidelity and is most likely in response to remarks made by the U.S. Securities and Exchange Commission (SEC).
Earlier in June, BlackRock’s iShares unit announced its intention to file paperwork for the formation of a spot Bitcoin ETF named the “iShares Bitcoin Trust.” This fund, as stated in the initial filing, would primarily consist of Bitcoin held by crypto exchange Coinbase as the custodian on the trust’s behalf.
Given BlackRock’s stature in the industry, boasting over $10 trillion in assets under management, their ETF application carries significant weight.
The recent updated filing by BlackRock notably acknowledges the intense competition in the race for Bitcoin ETF approval and offers detailed insights into the product’s pricing and reporting mechanisms.
Furthermore, the company pointed out the unregulated nature of the broader Bitcoin market, emphasizing potential operational challenges with digital asset exchanges that could adversely affect the value of their proposed ETF shares.
