BlackRock to file Bitcoin ETF application soon, source says.

According to a source familiar with the matter, BlackRock, the largest asset manager in the world, is close to submitting an application for a Bitcoin ETF (exchange traded fund).

The person said that BlackRock will use Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing. Coinbase has not commented on this matter.

Last year, BlackRock began collaborating with Coinbase to make cryptocurrency directly available to institutional investors.

It is unclear whether the ETF will be spot or futures. BlackRock has not yet responded to requests for comment.

To date, the Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected every application for a spot bitcoin ETF, but has approved several bitcoin futures ETFs for trading.

UPDATE (June 15, 13:09 UTC): Coinbase declined to comment.

Read more: Everything You Need to Know About Bitcoin ETFs

Edited by Aoyon Ashraf and Nikhilesh De.

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