
BlackRock iShares Bitcoin ETF IBIT
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What is BlackRock iShares Bitcoin ETF?
BlackRock, the world’s largest fund manager, applied for a spot Bitcoin ETF on June 15, 2023. The ETF intends to use custodian services offered by cryptocurrency exchange Coinbase. BlackRock aims to follow Bitcoin prices using the CME CF Bitcoin Reference Rate, which gathers information from reliable cryptocurrency exchanges around the world, according to the official filing. Kraken’s subsidiary, CF Benchmarks, is in charge of gathering price information. Additionally, by adding Bitcoin among other investment assets, a BlackRock Bitcoin ETF might offer investors an opportunity for diversification. Moreover, it could offer an alternative investment vehicle that competes with the Grayscale Bitcoin Trust and other existing cryptocurrency investment options.
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