BlackRock, the world’s largest asset management company, has re-applied by issuing its Bitcoin spot ETF application after the SEC’s warning.
Nasdaq has again submitted a bid to launch a spot Bitcoin exchange-traded fund (ETF) in partnership with the world’s largest asset manager BlackRock and the leading US cryptocurrency exchange Coinbase.
If approved, this ETF would be the first of its kind in the United States, where regulators have so far rejected or delayed dozens of Bitcoin ETF applications, citing concerns about market manipulation, investor protection, and custody issues. The SEC has approved only two bitcoin futures ETFs that track the price of BTC contracts traded on regulated exchanges.
The SEC recently reported that ETF filings were insufficient, according to Wall Street Journal sources. The lack of a name for the intermediary cryptocurrency exchange was cited as the reason for the inadequacy of the applications. After the changes made by many companies along with BlackRock, Coinbase was shown as the intermediary for these ETFs.
The Bloomberg ETF analyst explained the issue as follows: