ETFs
A takeover would give the company a foothold in the U.S. as investors get optimistic that crypto ETFs will win SEC approval.
The shares of the crypto exchange climbed as much as 16% on Tuesday.
The asset management giant in mid-June filed paperwork with the SEC for a spot bitcoin ETF.
The asset manager first filed for a spot bitcoin exchange-traded fund in January 2021.
Refiled application by Nasdaq to list a BlackRock bitcoin ETF follows a report last week that the SEC deemed earlier proposals "inadequate" since they didn't specify the name of the underlying market in so-called surveillance-sharing agreements.
The lack of a spot ETF leads to the growth of over-the-counter products like the Grayscale Bitcoin Trust, which are more expensive, illiquid and inefficient, the report said.
Grayscale earns around $380 million in annualized fees despite its GBTC product being inefficient, illiquid and trading at a discount, the report said.
HSBC's customers in Hong Kong have in fact been able to trade such crypto investment products since they were first listed on the Hong Kong Stock Exchange back in December.
The asset management giant included a surveillance-sharing agreement in its proposal, which could eliminate the risk of market manipulation related to bitcoin.
While both are technically trusts, there’s one key distinction which makes Blackrock’s proposed investment vehicle an exchange traded fund (ETF).
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- 03:03$184 Million Liquidated Across the Network in the Past 24 HoursAccording to Coinglass data, the total liquidation across the network in the past 24 hours amounted to $184 million, with long positions liquidated at $87.3677 million and short positions at $96.6286 million. Among them, Bitcoin long positions were liquidated at $20.1032 million, Bitcoin short positions at $41.4106 million, Ethereum long positions at $16.8351 million, and Ethereum short positions at $10.9584 million.
- 03:02Former Trump Aide David Bailey in Talks to Establish a Bitcoin Investment FirmAccording to CoinDesk, former Trump aide David Bailey is in talks to establish a Bitcoin investment company.