BlackRock files for spot bitcoin ETF, with Coinbase as a crypto custodian

If approved, the ETF would allow easy access for investors to get exposure to crypto in a product from one of Wall Street's largest companies.

"The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange," theThe Securities and Exchange Commission has so far resisted allowing the launch of a spot bitcoin ETF in the United States. The regulator is currently in aover whether the firm will be allowed to convert is Grayscale Bitcoin Trust into an ETF.

Several other firms have filed and later pulled applications to launch spot bitcoin funds. If the SEC relents, there could be a flood of those products on the market. ETFs typically take months to launch after an initial filing, if they ever begin trading. The proposed BlackRock fund will likely face heavy resistance from the SEC, and the filing could be pulled before an ETF is ever launched, said Aisha Hunt, principal at asset management law firm Kelley Hunt & Charles.

BlackRock's move comes during a time when crypto prices remain well below their all-time highs, and the industry faces increasing scrutiny in Washington, D.C.

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