Experts weigh in on BlackRock's spot Bitcoin ETF filing with Coinbase as custodian.

BlackRock's application for a spot Bitcoin ETF has caused confusion among industry experts as to whether it is an ETF or a trust similar to Grayscale's Bitcoin Trust (GBTC). The key distinction is that an ETF for spot bitcoin would be able to buy bitcoin at the end of the trading day to bring the fund's assets in line with its trading price, while a trust does not have this ability. BlackRock's proposal is for a trust that allows redemptions, so it functions just like an ETF. BlackRock is hoping to get past the SEC's concerns about market manipulation with a "surveillance-sharing agreement" between exchanges.