BlackRock, Asset Manager with $9 Trillion in Assets, Plans to File for a Bitcoin ETF

Asset manager BlackRock is reportedly close to filing an application for a bitcoin exchange-traded fund (ETF), according to CoinDesk. With over $9 trillion in assets under management, the move could be a major step forward for the cryptocurrency industry.

The news was first reported on Thursday by CoinDesk, citing an unnamed source. The ETF would be based on the NYSE FactSet Global Blockchain Technologies Index and would track the performance of companies involved in blockchain technology and cryptocurrency mining.

If approved, this would be the first time that BlackRock has ventured into the crypto space. The asset manager has previously expressed skepticism about cryptocurrencies, but its recent filing indicates that it may be warming up to them as an investment option.

The filing comes at a time when crypto markets have taken a hit due to regulatory uncertainty and other factors. Bitcoin has dropped 10.8% since Friday evening and is currently trading at around $36,900.