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BlackRock Close to Filing for Bitcoin ETF Application: Source

BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter.

BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment.

BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year.

It wasn't clear if the ETF will be spot or futures. BlackRock did not immediately respond to requests for comment.

To date, the Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected every application for a spot bitcoin ETF, though it has approved several bitcoin futures ETFs for trading.

UPDATE (June 15, 13:09 UTC): Updates to say Coinbase declined to comment.

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