If you think something is out of the ordinary when one of the world’s most prestigious financial institutions applies for a cryptocurrency investment product during a tough regulatory crackdown, you wouldn’t be the only one. 

BlackRock, which manages $9.5 trillion in assets, rocked the crypto world yesterday when it applied to the U.S. Securities and Exchange Commission for a Bitcoin exchange-traded fund (ETF). Though the product is technically a trust, as several eagle-eyed observers on Crypto Twitter have pointed out, it is functionally the same as a true blue ETF, experts say.

It’s the “real deal,” according to Senior ETF Analyst at Bloomberg Eric Balchunas, who defended the “ETF” label yesterday on Twitter. Balchunas also pointed out that BlackRock is nearly undefeated when going up against the SEC, at 575-1, with nearly every single one of its ETF applications receiving the Commission’s blessing. Other Bitcoin ETF applicants over the years can’t say the same.

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Author: Mathew Di Salvo

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