BlackRock Files for Spot Bitcoin ETF: Coinbase to be Custodian

• The article discusses the filing of a Bitcoin ETF application by BlackRock and its potential implications.
• Acheson believes that the application is politically motivated rather than likely to be approved.
• Critics of the move have pointed out that BlackRock CEO Larry Fink previously called Bitcoin an „index of money laundering.“

BlackRock Files for Spot Bitcoin ETF

BlackRock has filed an application with the U.S. Securities Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). If approved, it would be the first such product on a major U.S. stock exchange, potentially marking a major milestone in crypto adoption and further legitimizing digital assets.

Political Motivation Speculated

Noelle Acheson of the Crypto is Macro Now newsletter believes that BlackRock’s intention behind filing for this ETF is political rather than practical. She says, “It’s not going to happen” – implying that this was done as a way to pressure the White House into re-assessing its harsh regulatory response to cryptocurrencies rather than expecting approval from the SEC in any near future.

Critics Point Out Fink’s Comments

Some critics have also pointed out that BlackRock CEO Larry Fink had previously called Bitcoin an “index of money laundering” – which raises questions on his company’s pro-ESG stance and beliefs surrounding cryptocurrencies as well as their potential role in finance moving forward.

Bull Market Possibility

The news of the ETF application was received positively by many members of the crypto community, who speculated whether its approval could spark a bull market. YellowBlock co-founder Teddy Clep said, “If approved, expect a pump that will break your screen” while Peter McCormack pondered similar possibilities for BTC prices after approval from regulators.

Outlook Uncertain

Ultimately, it remains uncertain whether or not regulators will approve BlackRock’s request for an ETF – but in either case it seems clear that this move is more politically motivated than driven by practicality or potential profitability alone.