The world's biggest asset manager BlackRock has filed for a spot Bitcoin exchange-traded fund that would allow investors to have exposure to the cryptocurrency.
The asset management company’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the US Securities and Exchange Commission on Thursday.
If the SEC approves the application, the fund would trade on the Nasdaq stock market, making it the first publicly traded spot Bitcoin ETF in the US.
An ETF is a type of pooled investment security that operates much like a mutual fund. Typically, ETFs will track a particular index, sector, commodity or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can.
BlackRock oversaw more than $9 trillion in assets at the end of the first quarter.
“The assets of the trust consist primarily of Bitcoin held by a custodian on behalf of the trust. The trust seeks to reflect, generally, the performance of the price of Bitcoin,” BlackRock said in the SEC filing.
“The trust is not an investment company registered under the United States Investment Company Act of 1940, and the sponsor is not registered with the SEC as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the trust.”
The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the US securities regulator on alleged breaches of securities laws and following the collapse of FTX last year.
Earlier this month, the SEC sued major exchanges Coinbase and Binance in high-profile lawsuits that accused them of allegedly running unregistered securities exchanges.
The regulator also accused Binance of co-mingling customer funds with its own.
Coinbase has said that a lack of clear rules for the digital assets industry is hurting US economic competitiveness.
The SEC has previously rejected several spot Bitcoin ETF applications from other asset managers, citing market concerns and a lack of investor protections, among other things.
This is at least the 33rd attempt by issuers for a spot Bitcoin product, according to a tally from Bloomberg Intelligence.
BlackRock’s attempt at a spot Bitcoin ETF comes amid digital asset manager Grayscale Investments' legal battle with the SEC.
Grayscale sued the regulator after it denied a bid to convert the Grayscale Bitcoin Trust into a physically-backed ETF, citing fraud and manipulation concerns related to the underlying market.
BlackRock already runs a private spot Bitcoin trust that it launched last year, the Financial Times reported.
“The trust intends to issue shares on a continuous basis. The trust issues and redeems shares only in blocks of 40,000 or integral multiples,” BlackRock said in the SEC filing.
“A block of 40,000 shares is called a basket. These transactions take place in exchange for Bitcoin.
“Shares will be offered to the public from time to time at varying prices that will reflect the price of Bitcoin and the trading price of the shares on the Nasdaq stock market.”
Despite a tumultuous 12 months for the global cryptocurrency sector, the market is beginning to emerge from its “crypto winter”.
In April, Bitcoin climbed above the key $30,000 mark for the first time since June 2022, but is still down more than 50 per cent from its record high of more than $68,000 in November 2021.
Bitcoin was trading at $25,558.17 at 11.28am on Friday, according to Binance.
BlackRock founder Larry Fink wrote in his annual letter to investors in March that “very interesting developments are happening in the digital asset space … At BlackRock, we continue to explore the digital assets ecosystem”.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
COMPANY%20PROFILE
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Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
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Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
UAE currency: the story behind the money in your pockets
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
