BlackRock’s Bitcoin ETF Will Be Seventh Filing Deferred by the SEC Today

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The world’s largest asset manager is waiting to offer an exchange-traded fund for its iShares Bitcoin Trust in the United States.

The United States Securities and Exchange Commission has delayed a Bitcoin exchange-traded fund application from global asset manager BlackRock.

The asset manager, which reportedly has 8.5 trillion assets on its books, will launch its iShares Bitcoin Trust, which aims to offer investors access to Bitcoin markets without having to have direct exposure to BTC itself. In June, BlackRock filed a Bitcoin-backed ETF application with the US SEC, with Coinbase Custody listed as the planned custodian for the fund’s Bitcoin holdings, while Bank of New York Mellon would be responsible for its trust accounts.

BlackRock’s presentation described the value of actions in removing “obstacles posed by the complexities and operational burdens involved in a direct investment in Bitcoin.” The ETF delay came after cryptocurrency asset manager Grayscale Investments managed to overturn an SEC decision that had originally denied its Grayscale Bitcoin Trust (GBTC) listing an over-the-counter sale on Aug.

The SEC has already delayed a number of Bitcoin ETFs to August 31. The commission designated a longer period to review applications from WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.

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