After the reported response from the US Securities and Exchange Commission (SEC) that BlackRock and other asset managers’ applications were insufficient, the world’s largest asset manager, BlackRock has reapplied for the spot Bitcoin ETF.

The fresh filing which includes Nasdaq, BlackRock along with the US largest cryptocurrency exchange Coinbase will be the first of its kind if finally approved by the US financial regulators.

To date, only two bitcoin futures ETFs that track the price of Bitcoin contracts traded on regulated exchanges have been approved by the US financial watchdog.

On Friday, Wall Street Journal reported that the SEC deemed the BlackRock spot Bitcoin ETF application not fit citing anonymous sources, leaving a big blow on BlackRock and other asset managers such as Valkyrie, Invesco, and Bitwise amongst others who have filed for the spot Bitcoin Exchange Traded Fund in June.

Per the report, the SEC cited the lack of clarity and comprehensiveness regarding “surveillance-sharing agreements,” including the specific spot bitcoin exchange to be used. 

This might be a game changer for the crypto industry if finally approved as more institutional investors are expected to venture into the crypto space.