Six different applications for a bitcoin exchange-traded fund (ETF) have been delayed so far by the US Securities and Exchange Commission (SEC). The SEC has yet to grant approval to any of the proposed ETFs. Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, and Invesco have all filed applications for such a fund.
Reports have now emerged that asset management giant BlackRock is the next firm to apply for a bitcoin ETF. The company is said to be filing an application for a ETF that would be based on bitcoin-related derivatives contracts.
BlackRock is the world’s largest asset manager, with assets under management of approximately $7.4 trillion. Its application would mark the seventh such application to be filed with the SEC and may add the weight and credibility of the world’s largest investment manager to the industry. Investors will be watching to see if the SEC approves the application.