BlackRock files for bitcoin exchange-traded fund using Coinbase as custodian

BlackRock has filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency.

BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the US Securities and Exchange Commission (SEC).

The filing said: "The Shares are intended to constitute a simple means of making an investment similar to an investment in bitcoin rather than by acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange." 

The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the US.

The regulator is currently engaged in a legal battle with Grayscale over whether the firm will be allowed to convert its Grayscale Bitcoin Trust into an ETF. A decision in that case is expected later this year.

The SEC recently sued Coinbase and Binance for allegedly running unregistered securities exchanges.