BlackRock in the US has filed with the SEC to launch a bitcoin ETF using Coinbase Custody for custody and benchmarking against CF Benchmarks’ indices, comprised of price data from six exchanges: Coinbase, Kraken, Gemini, Bitstamp, itBit, and LMAX Digital.
Commenting on the development, Jeff Feng, Co-Founder of Sei Labs says: “Soros Fund Management has said that ‘crypto is ripe for a tradfi takeover’. Blackrock is filing for a bitcoin ETF after VanEck, WisdomTree and Grayscale ETFs were all rejected in the past. Institutions are recognising that retail investors view crypto as a new generation of global assets with intrinsic value.
“However, traditional retail exchanges/brokers, such as Robinhood and eToro, are navigating complex terrain when venturing into crypto. The absence of explicit regulatory guidelines has caused setbacks, leading to some tokens being delisted resulting in crypto market volatility. Nonetheless, these teething issues are part of the broader industry’s evolutionary process.”
