BlackRock, a global leader in asset management and investment services boasting an impressive $9 trillion in assets, has officially filed for a Bitcoin SPOT ETF.

A Bitcoin SPOT ETF, or Exchange-Traded Fund, is a financial instrument that tracks the price of its underlying asset, allowing investors to gain exposure to the world’s largest cryptocurrency without needing to own and store it themselves

In a registration statement with the The Securities and Exchange Commission, BlackRock has officially submitted a request for a Bitcoin SPOT ETF, known as iShares® Bitcoin Trust“.

Should the proposal be accepted, shares of BlackRock’s ETF will be publicly traded on The Nasdaq Stock Market, with 40,000 shares corresponding to the price of one Bitcoin.

Will The SEC Finally Approve a Bitcoin SPOT ETF?

While BlackRock has previously offered cryptocurrency exposure to institutional clients in the United States via a public trust, the likelihood of their current filing succeeding seems slim.

Not only are the SEC currently in a legal battle with Centralized Exchange Coinbase, with whom BlackRock intend to work with for the ETF, but similar filings have failed to make progress over the last few years.

Most notably, Greyscale’s attempts at converting their flagship GBTC (Greyscale Bitcoin Trust) fund into a SPOT ETF has yet to make any headway since October 2021.

Ark Invest CEO Cathie Wood’s previous attempts at a SPOT Bitcoin ETF with 21 shares were also turned down, with the latest rejection happening early this year.

Also Read: 4 Market-Moving Crypto News Stories You Might Have Overlooked This Week

Editor’s Note: This article does not represent financial advice. Please do your research before investing.]

Featured Image Credit: ChainDebrief