BlackRock files for bitcoin ETF; Coinbase as custodian

BlackRock ( NYSE: BLK ) has filed paperwork with the SEC to establish a spot bitcoin ETF to be known as the iShares Bitcoin Trust. The filing names Coinbase ( NASDAQ: COIN ) as the custodian for the ETF's bitcoin holdings. "The Shares have been designed to remove the obstacles represented by the complexities and operational burdens involved in a direct investment in bitcoin, while at the same time having an intrinsic value that reflects, at any given time, the investment exposure to the bitcoin owned by the Trust at such time, less the Trust's expenses and liabilities," the filing states . If approved, the ETF would be first on the market dedicated to bitcoin.