BlackRock files for Bitcoin ETF with Coinbase as custodian.

BlackRock's iShares has filed paperwork with the SEC for the formation of a spot bitcoin ETF, to be named the iShares Bitcoin Trust, with assets consisting primarily of bitcoin held by a custodian on behalf of the Trust, which will be crypto exchange Coinbase. BlackRock is the world's largest asset manager with more than $10 trillion in assets under management and may not be as easy for the SEC to turn away. The proposed ETF is benchmarked against the CME CF Bitcoin Reference Rate.