BlackRock's iShares has submitted an application for a physically-backed Bitcoin ETF to the SEC.

BlockBeats news on June 16th: iShares, a subsidiary of asset management giant BlackRock, has submitted a filing for a spot Bitcoin ETF to the US SEC. The fund is named "iShares Bitcoin Trust" and its assets are "primarily composed of Bitcoin held by the trustee of the trust." The filing states that the trustee will custody the assets through cryptocurrency trading platform Coinbase (COIN). While the SEC has approved some Bitcoin ETFs based on futures, it has rejected attempts by other fund management companies to launch spot Bitcoin ETFs, including Grayscale, VanEck, and WisdomTree. BlackRock is the world's largest asset management company, with assets under management exceeding $10 trillion. The company and its CEO Larry Fink may hold significant political power with the US Securities and Exchange Commission (SEC) and its leader Gary Gensler.