BlackRock is applying for a spot bitcoin ETF. Here’s why it matters to the crypto industry.

BlackRock, the world’s largest asset manager, has filed an application for a spot bitcoin exchange-traded fund.

There are currently no such products in the U.S. The SEC approved several bitcoin BTCUSD futures-based ETFs in the past, but has yet to greenlight anything that is backed by bitcoin itself.

BlackRock BLK will tap Coinbase Global…