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In a potential gamer for crypto markets, asset management giant BlackRock is moving to launch an exchange-traded fund for Bitcoin. In an application filed on Thursday, the company sought permission to sell the currency through a vehicle called the iShares Bitcoin Trust.
The move is significant because of BlackRock’s enormous reach, and because it would allow retail investors to buy Bitcoin as shares of an ETF from an ordinary brokerage account. Likewise, it would make it easer for institutional investors to hold the asset.
The ETF application states that Coinbase would be tasked with holding the trust’s underlying Bitcoin as a custodian. It also states that Nasdaq oversee the pricing data that informed the spot market price—a potentially critical factor since the Securities and Exchange Commission has no far refused to permit a Bitcoin ETF, citing fears of market manipulation.
This breaking news story will be updated shortly.
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