Morgan Creek founder: BlackRock is applying for a Bitcoin redeemable trust, or competing with GBTC

2023-06-16 12:54:26

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ChainCatcher news, Morgan Creek Digital co-founder Anthony Pompliano tweeted that BlackRock's application is not for a Bitcoin ETF, but rather a Bitcoin trust. These products are only technically different, especially in terms of regulation and approval, but the end result for investors is similar.

Pompliano also stated that if the product is approved, it could force GBTC to introduce daily redemptions and reduce fees to compete with it. Many Wall Street firms may launch quick follow-up products to compete with BlackRock. According to previous reports, fund management giant BlackRock's iShares division submitted an iShares Bitcoin Trust application to the SEC, with the fund's assets primarily consisting of Bitcoin held by a custodian on behalf of the trust. The document states that the custodian will be the crypto exchange Coinbase. (source link)

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