The post BlackRock Sets a Milestone with Bitcoin ETF Filing: A Seismic Shift in Crypto Industry? appeared first on Coinpedia Fintech News

In a landmark move, BlackRock, the world’s most substantial asset manager, is ready to join the crypto bandwagon. Larry Fink, BlackRock’s CEO, has filed for a spot in Bitcoin ETF, an act that carries considerable weight in the crypto realm. Considering BlackRock’s towering stature with $10 trillion assets under management, this development could mark a significant turning point for cryptocurrency.

The context of this announcement is crucial. For years, the SEC has stubbornly refused to approve a spot Bitcoin ETF, a stance currently being contested in litigation with Grayscale. In spite of the SEC’s known objection, BlackRock has set its sights on a Bitcoin ETF listing on NASDAQ, underlining the scale of the shift in Fink’s attitude towards cryptocurrencies.

A Dramatic Change in Stance

This change in direction is monumental, considering Fink’s previous dismissive remarks about Bitcoin. Back in 2017, Fink referred to Bitcoin as an index of money laundering. In 2018, he declared that BlackRock’s clients had no interest in Bitcoin exposure, and BlackRock was not interested in offering it. Now, Fink is actively pushing for a Bitcoin ETF, a clear indication of how far the crypto landscape has shifted.

BlackRock’s Bitcoin ETF Application

Details of BlackRock’s Bitcoin ETF application show the firm’s commitment to this new venture. BlackRock has partnered with Coinbase, the largest U.S. crypto exchange, to submit an application for a spot Bitcoin ETF. The ETF would utilize Coinbase Custody for holding the Bitcoin and use the exchange’s spot market data for pricing.

Also Read – Coinbase Custody Secures BlackRock’s Trust for Spot-Bitcoin ETF, Signaling SEC Lawsuit Resolution Imminent

The approval of BlackRock’s Bitcoin ETF could lead to unprecedented impacts on the crypto market. As observed from the first gold ETF listed on the New York Stock Exchange in 2004, the approval led to a sustained surge in gold prices. If Bitcoin follows this trend, we might witness an extraordinary increase in Bitcoin prices, which could spark a market rally that lasts for years.

What’s more curious is that Bitcoin isn’t the only cryptocurrency that BlackRock is showing interest in. Fink has expressed interest in the utility of Ethereum and other cryptocurrencies, and the broader revolution of tokenization.