BlackRock Appoints a Third-Party Broker for Bitcoin ETF!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Dec 22, 2023 10:49

BlackRock is finalizing the details of its Bitcoin ETF by appointing a third-party broker, known as a ‘Prime Execution Agent’, to buy and sell Bitcoin on its behalf. The SEC may not approve this model, as it has previously expressed discomfort with it. BlackRock named Coinbase as the custodian for its Bitcoin ETF in June, but Coinbase is currently embroiled in a regulatory battle with the SEC. Analysts predict an optimistic 90% chance of ETF approval by January 10, but the SEC is pushing for the ‘cash create’ method of ETF share creation and redemption over ‘in-kind’.