BlackRock Moves Forward With Bitcoin ETF, Confirms Coinbase As Custodian In Form S-1 Registration
Portfolio Pulse from Jose Rodrigo Safdiye
BlackRock is filing an application for a Bitcoin ETF, with Coinbase named as the custodian for the Trust's Bitcoin holdings. The iShares Bitcoin Trust shares will be listed and traded on NASDAQ, making the crypto asset class more accessible to institutional investors.
June 15, 2023 | 9:54 pm
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POSITIVE IMPACT
BlackRock's pursuit of a Bitcoin ETF signals its determination to make crypto assets more accessible to institutional investors, despite increased SEC scrutiny.
BlackRock's move to file for a Bitcoin ETF demonstrates its commitment to the crypto sector and its optimism about Bitcoin's potential. This could attract more institutional investors, potentially boosting its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Coinbase is named as the custodian for BlackRock's iShares Bitcoin Trust, potentially increasing its revenue and strengthening its position in the crypto industry.
Being named as the custodian for BlackRock's iShares Bitcoin Trust could increase Coinbase's revenue and strengthen its position in the crypto industry, which may positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
BlackRock's growing exposure to Bitcoin through its stake in MicroStrategy, the largest corporate holder of Bitcoin, may benefit from the increased institutional adoption of cryptocurrency.
As BlackRock's pursuit of a Bitcoin ETF signals increased institutional adoption of cryptocurrency, MicroStrategy, being the largest corporate holder of Bitcoin, may benefit from this development, potentially boosting its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50