The US could see its first crypto spot ETF shortly. Dive into this piece to know more about the development.
Global investment company Blackrock is one of the many applicants filing for launching a Bitcoin spot ETF in the United States. The biggest in the sector, Blackrock would be the first to launch a crypto spot ETF in the country if it gains the authorities’ approval.
All the necessary regulatory filings with the Security and Exchange Commission done by the Nasdaq stock exchange have revealed a few trusts and companies as the custodians of the crypto spot ETF fund‘s Bitcoin holdings as well as its fiat.
The iShares Bitcoin Trust of Blackrock would be the one to be traded as Commodity-Based Trust shares.
The official application states, “The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in Bitcoin while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the Bitcoin owned by the Trust at such time, less the Trust’s expenses and liabilities.”
It also went on to mention that the Bitcoin price would be updated every 15 minutes during the usual trading hours while also describing how it was not necessary for the spot Bitcoin market to be regulated for the crypto spot ETF to be approved by regulators.
While none of the crypto spot ETFs had been approved by the regulators of the US earlier, a global investment company like Blackrock could make it possible.