The world's largest asset manager, BlackRock, is reported to be submitting a Bitcoin ETF (Exchange-Traded Fund) application.

As part of their endeavor to establish a Bitcoin ETF, BlackRock has selected Coinbase Custody as their go-to for custodial services. 

In addition, BlackRock will employ spot market data from Coinbase to guarantee precise and dependable ETF pricing. 

Currently, both Coinbase and BlackRock have abstained from issuing any formal statements regarding the situation.

While the details of the imminent ETF are still under wraps, it is uncertain if it will be based on spot or futures contracts. BlackRock has held back from providing immediate comments, leaving investors in anticipation for more information.

It is important to mention that the Securities and Exchange Commission (SEC), the U.S. authority in charge of ETF supervision, has consistently denied all applications for a spot Bitcoin ETF to date. 

However, the commission has given the green light to numerous Bitcoin futures ETFs, which have since been effectively launched for trading.

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