Why BlackRock is reportedly close to applying for Bitcoin ETF, despite regulatory pressure on crypto

Why BlackRock is reportedly close to applying for Bitcoin ETF, despite regulatory pressure on crypto?

BlackRock, the world’s largest asset manager, is reportedly close to filing an application for a bitcoin ETF, or exchange traded fund, according to a CoinDesk report Thursday citing a person familiar with the matter.

The asset manager BLK will reportedly use the Coinbase COIN to provide custody for the ETF and draw upon the crypto exchange’s spot market data for pricing, according to CoinDesk.A representative at BlackRock didn’t return a request seeking comment for this article. As the crypto industry is under stress, BlackRock’s reported action “says a lot about institutional confidence in at least bitcoin,” according to David Tawil, president and co-founder at ProChain Capital.

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