Bitcoin surpasses $25.7K following BlackRock iShares ETF filing.

Bitcoin’s value rose by more than 1.3%, surpassing $25,700 within an hour after BlackRock’s iShares unit filed paperwork for a spot bitcoin (BTC) ETF with the US Securities and Exchange Commission on Thursday afternoon. The cryptocurrency had fallen below $25,000 the day before for the first time in three months, and remained just above that threshold before the BlackRock announcement. The price of BTC had declined due to US central bank hawkishness and increased regulatory scrutiny of the crypto industry in the US.

However, the BlackRock announcement renewed hopes for the possibility of a spot bitcoin ETF, despite the SEC rejecting multiple applications over the past year and a half. The proposed iShares Bitcoin Trust will consist primarily of bitcoin held by a custodian on behalf of the trust. The custodian will be Coinbase, a cryptocurrency exchange, according to the filing. Blockchain reported earlier on Thursday that BlackRock intended to file for a bitcoin ETF in the near future.

Edited by James Rubin.