[ad_1]
Bitcoin rose Thursday afternoon as BlackRock, the world’s largest asset manager, filed an application for an exchange-traded fund backed by the cryptocurrency.
The largest crypto
BTCUSD,
gained over 2% over the past 24 hours to around $25,665 on Thursday, according to CoinDesk data. The coin rallied over 50% so far this year, but is still down about 60% from its all-time high in 2021.
BlackRock
BLK,
filing comes as U.S. regulators are increasing their oversight of the crypto industry. The SEC recently sued both crypto exchanges Binance and Coinbase.
The agency approved several bitcoin futures-based ETFs in the past, but has yet to green light anything that is backed by bitcoin, itself.
BlackRock will tap Coinbase Global Inc.
COIN,
to provide custody for its proposed ETF, according to a filing with the U.S. Securities and Exchange Commission on Thursday.
Coinbase shares gained 1.8% in after-hour trading Thursday, according to MarketWatch data.
[ad_2]
Source link
