Coinbase Reportedly Exploring Crypto ETF with Help from Wall Street Firm BlackRock
Coinbase is reportedly in the works of setting up a Bitcoin exchange-traded fund, with the help of the blockchain team from BlackRock, Inc., the largest asset manager in the world with over $6 trillion in assets under management.
According to Business Insider´s Frank Chaparro, Coinbase has contacted BlackRock representatives regarding this matter over the past few weeks, with the intention of leveraging BlackRock´s ample experience in the ETF market. The original report does not make clear for how long these talks have been going on, or whether they are still ongoing, and mentions that BlackRock´s representatives have not presented any recommendations to Coinbase so far.
This news comes months after the company announced it would launch a cryptocurrency index fund for accredited investors with a net worth of “at least $1 Million”. At the moment of the announcement last March, the Coinbase Index Fund´s product lead, Reuben Bramanathan, mentioned Coinbase wanted to cater to “all retail investors”, which sparked rumors of a Coinbase-backed Bitcoin ETF,
We are working towards funds that will be available to all retail investors, [this is our] first priority […] That includes fulfilling all regulatory requirements […] We’re expecting huge demand from retail when that’s available, and we want to be in a position to accept that demand.
If the rumors are true, Coinbase would have to present a proposal to the U.S. SEC, which has already rejected a total of nine ETF proposals by several asset…
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