BlackRock files for spot Bitcoin ETF

Per CNBC

BlackRock is making a move regarding crypto, while the SEC is going after Coinbase and Binance. The firm has just filed for a spot Bitcoin ETF with the SEC to allow for exposure to crypto from one of the largest names on Wall Street.

This is a move that has long been the goal of federal regulators and crypto advocates. It was noted that the filing was for the iShares Bitcoin Trust.

“The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange,”

Regarding legalities, this has not yet been done before, and even Grayscale was in a legal battle regarding whether it'll be allowed to make an ETF out of its Grayscale Bitcoin Trust.

Recently, it was reported that the SEC has rejected the Spot Bitcoin Grayscale ETF. This was as many people assumed that it would accept it given BITO and other ETFs.

"IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Exchange Act, that proposed rule change SR-NYSEArca-2021-90, as modified by Amendment No. 1, be, and hereby is, disapproved."

The SEC is reportedly seeking to get a temporary restraining order to freeze Binance US assets.

See flow at unusualwhales.com/flow.

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