BlackRock files for spot bitcoin ETF

BlackRock, the world's biggest asset manager, has applied to the Securities and Exchange Commission (SEC) for the creation of a spot bitcoin exchange-traded fund (ETF).

If authorized, the ETF will enable investors to directly watch the price of bitcoin rather than via futures contracts.

The SEC has yet to rule on the proposal, but it is the first time BlackRock has applied for a spot bitcoin ETF.

The SEC has recognized the application, which implies it has been examined and is being evaluated.

Several proposals for spot bitcoin ETFs have already been denied by the SEC, citing concerns about market manipulation and fraud.

However, as the cryptocurrency industry has grown, there has been an increase in interest for spot bitcoin ETFs in recent months.

If authorized, the BlackRock ETF would be a significant step forward in institutional investors' embrace of bitcoin.

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