According to Business Insider, the world's largest asset manager BlackRock took the first steps to launch the first-ever spot Bitcoin exchange-traded fund. Crypto analysts consider it a landmark event for Bitcoin.
On June 15, BlackRock filed an application with the US Securities and Exchange Commission to launch the iShares Bitcoin Trust. Earlier, the SEC had announced that the company was preparing to do so.
If BlackRock could successfully launch a Bitcoin ETF, it would significantly boost the king of the crypto market, Mike Novogratz, the largest crypto investor and billionaire, said. "BlackRock getting a BTC ETF through would be the best thing that could happen to BTC," he pointed out.
If the ETF is approved, its shares will be traded on the NASDAQ exchange. This will help investors to dive into the crypto market easily by working with a well-known company. BlackRock is at the top of the global ETF net flows leaderboard and its funds are very popular with investors. The largest iShares Core S&P 500 ETF IVV fund, owned by BlackRock, holds $325.75 billion in assets.