This is the largest asset manager in the world that filed for a spot bitcoin etf?

Question: This is the largest asset manager in the world that filed for a spot bitcoin etf?

In a major development for the cryptocurrency industry, BlackRock, the world's largest asset manager, has filed for a spot bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). This is the first time that a major financial institution has sought to launch a product that would track the price of bitcoin directly, rather than through futures contracts or other derivatives. If approved, the BlackRock Bitcoin ETF would provide investors with exposure to the digital asset without the need to buy, store, or secure it themselves. The filing comes as bitcoin has surged to new highs in recent months, reaching over $60,000 in October 2024. The growing adoption of bitcoin by institutional and retail investors, as well as by governments and corporations, has increased the demand for regulated and transparent vehicles to access the market. BlackRock, which manages over $9 trillion in assets, has been gradually warming up to bitcoin and other cryptocurrencies in the past few years. In January 2021, the firm added bitcoin as an eligible investment for two of its funds. In July 2021, it revealed that it held a small stake in MicroStrategy, a software company that converted most of its cash reserves into bitcoin. In October 2021, it partnered with Coinbase, the largest US cryptocurrency exchange, to launch a digital asset index fund for institutional clients. The BlackRock Bitcoin ETF would be a significant milestone for the industry, as it would signal the acceptance and legitimacy of bitcoin as an asset class by one of the most influential players in the global financial system. It would also likely spur more competition and innovation in the space, as other asset managers and financial institutions would follow suit. However, the approval of the ETF is not guaranteed, as the SEC has been historically cautious and skeptical about cryptocurrency products. The regulator has rejected several proposals for bitcoin ETFs in the past, citing concerns over market manipulation, fraud, custody, liquidity, and investor protection. The SEC is currently reviewing several other applications for bitcoin ETFs, including those from Fidelity, VanEck, Valkyrie, and WisdomTree. The agency has until November 14, 2024, to make a decision on the BlackRock Bitcoin ETF.

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