BlackRock, the world’s largest asset manager, is reportedly nearing the submission of an application for a Bitcoin ETF (exchange-traded fund), according to an insider.

The source disclosed that BlackRock intends to use Coinbase Custody for the ETF and will depend on the crypto exchange’s spot market data for pricing. Coinbase, however, has refrained from commenting on the matter.

The collaboration between BlackRock and Coinbase started last year, with the objective of directly providing crypto to institutional investors.

The type of the ETF, whether it will be spot or futures, remains undisclosed. BlackRock has yet to respond to requests for comment.

So far, the U.S. Securities and Exchange Commission (SEC), which oversees ETFs in the U.S., has rejected all applications for a spot bitcoin ETF, although it has approved several bitcoin futures ETFs for trading.

The potential application of BlackRock for a bitcoin ETF was reported by CoinDesk, citing an anonymous source.

Furthermore, the SEC has consistently turned down all bitcoin ETF applications it has received to date, leaving the outcome of BlackRock’s potential request uncertain.