Coinbase In Talks With BlackRock For A Crypto ETF

News | September 10, 2018 By:

Crypto exchange Coinbase is reportedly in talks with investment management firm BlackRock to create a cryptocurrency-based exchange-traded fund (ETF).

According to unnamed sources interviewed by Business Insider, Coinbase has held conversations with people from BlackRock’s blockchain working group to tap into the firm’s expertise at launching exchange-traded products. One source said that Coinbase’s crypto ETF would most likely track multiple cryptocurrencies rather than bitcoin alone. However, it remains unclear whether the talks was a one-time event or part of ongoing conversations between Coinbase and BlackRock.

If the the San Francisco-based crypto exchange actually moves forward with an ETF filing, it will join a number of firms bidding to introduce the first crypto ETF, including VanEck, Bitwise Asset Management and Gemini. Last month, the SEC rejected applications for nine bitcoin ETFs from ProShares, Direxion and GraniteShares.

An application for a Bitcoin ETF by SolidX and VanEck is expected to be decided on or before September 30. The regulator was supposed to approve or deny the proposal in early August, but the decision deadline was delayed until the end of this month.