You mention the words bitcoin ETF and everybody sits up and takes note.
After all there is plenty of money sitting on the sidelines waiting to enter the crypto markets and the only thing needed is a trigger.
What better trigger can one find than a crypto/bitcoin ETF approval.
Every time there is a mention of crypto ETF all attention goes to the U.S Securities and Exchange Commission (SEC) as it is the regulatory body responsible for approving a crypto ETF.
In the past there had been many attempts to get an approval for a crypto ETF by many interested and well known players. There were hopes that the crypto ETF proposed by the Winklevoss Brothers would go through. However not getting an approval for the crypto ETF broke quite a few hearts and crypto blood was all over the streets.
According to an industry insider coinbase which is a San Francisco based crypto currency exchange is keen to add bitcoin exchange traded fund (ETF) as an instrument in its range of services. If insider news is to be believed then coinbase officials have been in discussion with BlackRock Inc’s officials in an effort to know about the prospects of such an ETF.
There is a possibility that coinbase may join hands with BlackRock Inc. Though BlackRock has been exploring the blockchain prospects since 2015 but in its official statement does not seem to keen in working towards a bitcoin based project as the BlackRock chairman and CEO Larry Fink had mentioned bitcoin as an “ Index of money laundering”.
Coinbase could target a co-venture or association which are rivals of Gemini the Winklevoss owned crypto exchange.
Coinbase would not like to miss out of the crypto ETF opportunity as it would open the flood gates of fresh money and a lot many new investors.
In the past ETF’s proposals made by companies like ProShares, GraniteShares etc have been announced but never got the approval of the SEC.
Coinbase would surely be working on a strategy to get there ETF approved.