Coinbase and BlackRock examining bitcoin ETF
Earlier today BusinessInsider reported that Coinbase is “exploring” a bitcoin ETF with possible BlackRock support. A Coinbase crypto ETF, if it sees the light of day, might go head-to-head, subject to regulatory approval, with similar ambitions from Gemini and VanEck.
BlackRock already has an existing blockchain working group in place with a remit to identify new blockchain financial sector opportunities – though it looks doubtful whether BlackRock would be interested in crypto issuance itself.
The BusinessInsider report said it wasn’t clear what recommendations the asset management company may have give Coinbase.
“A bitcoin ETF has been viewed as a natural next step in its maturation as an asset and could precipitate the entrance of more retail investors into the crypto market,” said BusinessInsider. Coinbase launched a crypto tracker earlier in the year.
Blockchain student – Fink
The news is more evidence of institutional interest in the crypto asset class despite regular pushbacks from the SEC on broader regulation progress.
“We are a big student of blockchain,” BlackRock boss Larry Fink told Reuters earlier in the year.
BlackRock remains the world’s biggest asset manager. Any indication that BlackRock is putting more energy into the crypto market is generally seen as supportive though Fink has also stated in the past that he considers bitcoin as “speculative”.