Coinbase can start a bitcoin ETF
The largest cryptocurrency company Coinbase, the US is exploring the possibility of launch-focused bitcoin exchange-traded investment Fund, and to this end conducted consultations with the firm BlackRock. About this, citing familiar with the situation sources according to Business Insider.
In June of Coinbase launched the index Fund for accredited investors from the United States, however, according to the publication, now wants to expand the offer and to retail investors. It is also possible that one bitcoin Coinbase will not be limited and will make the investment basket is bound to multiple cryptonauts.
In this process, the California company intends to use the experience of the members of the working group on cryptolaemus market, which BlackRock is one of the world’s largest investment firms formed last summer. Was there a discussion about starting a bitcoin ETF single or Coinbase and BlackRock are in continuous dialogue, is unknown.
Source Business Insider also added that representatives of the working group BlackRock Coinbase has not yet yielded specific recommendations. In addition, according to him, BlackRock itself is not interested in launching a bitcoin ETF.
Previously CEO Larry Fink also said BlackRock clients this new asset class “not interesting”.
If Coinbase really think about starting a bitcoin ETF, a company in San Francisco can join the ranks of the Gemini, Bitwise Asset Management, VanEck, and several other firms that are also trying to launch similar products. All their previous attempts, however, met the resistance of the Commission on securities and exchange Commission (SEC).
The last occurrence was the August decision of the SEC to refuse to run the nine-focused bitcoin exchange-traded investment funds. Soon, however, it became known that the decision the Commission will reconsider.
The head of the company Abra bill Barhydt said that the SEC has not yet approved a bitcoin ETF due to the fact that the initiators of the launch of these funds “do not meet expectations,” the Agency, however, suggested that it could happen in 2019.