BlackRock Reapplies for Bitcoin Spot ETF

BlackRock, the world's biggest asset manager, has re-applied to launch a Bitcoin spot ETF, after fixing issues highlighted by the SEC.

BlackRock, Nasdaq, and major US crypto exchange Coinbase, have submitted a new request for a Bitcoin spot ETF. This would be a first in the US, where many Bitcoin ETF applications have been rejected or delayed due to concerns about market manipulation and investor safety.

The SEC previously reported that the ETF applications were not complete, mainly because they didn't name a middleman cryptocurrency exchange. After updates by BlackRock and others, Coinbase was named as the intermediary for these ETFs.

A Bloomberg ETF analyst shared that BlackRock has reapplied for the Bitcoin spot ETF, adding Coinbase like other companies. This was initially done on June 29, but Nasdaq shared the news today. 

This development led to the rise of Bitcoin above $31,000 and other Cryptocurrencies like Ethereum and Polygon price increase.