Cryptocurrency lending firm BlockFi filed paperwork with the U.S. Securities and Exchange Commission, or SEC, to launch a physically backed Bitcoin exchange-traded fund, kicking off what is expected to be a great week for investors. cryptocurrency markets
The S-1 form submission for the BlockFi NB Bitcoin ETF was submitted to the SEC on November 8, according to official documents. The presentation indicates that BlockFi will act as custodian and that the investment objective of the fund is to reflect the underlying performance of Bitcoin as opposed to any benchmarks of futures or derivatives.
The presentation further indicates that the “Trust will not buy or sell Bitcoin directly, although it may order the Custodian to sell Bitcoin to cover certain expenses.”
The news of the new ETF application circle on Twitter amid speculation that the SEC could be close to its first approval of a physical Bitcoin ETF as early as this week.
BlockFi has filed with the SEC to launch a spot #Bitcoin ETF pic.twitter.com/2F1s0D1N3W
– Dylan LeClair (@DylanLeClair_) November 8, 2021
BlockFi has filed with the SEC to launch a spot Bitcoin ETF.
What Indian James seyffart From Bloomberg, the SEC’s decision on VanEck’s long-awaited Spot Bitcoin ETF is scheduled for November 14. “It will be approved or rejected by the SEC”, said, which means “no more delays”.
Here’s the current list of #Bitcoin and Crypto ETF filings with the SEC. Next big date is still 11/14/21 for VanEck’s spot Bitcoin ETF. It will be either approval or denial from SEC – no more delays. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN
– James Seyffart (@JSeyff) November 8, 2021
Last month, the US securities regulator approved the ProShares Bitcoin Strategy ETF, the country’s first publicly traded BTC fund. However, the approval came with a caveat: the fund’s price is tied to BTC futures rather than the spot price. Shortly after approving the ProShares fund, the SEC gave the green light to Valkyrie’s Bitcoin Strategy ETF, which is another futures based product.
Although futures-based ETFs weren’t what Bitcoin purists expected, they have proven remarkably popular with investors. As we told you before, the ProShares ETF debuted with the largest natural volume in history on its first day, with more than a billion dollars. By the end of October, institutional managers had bought more than $ 2 billion worth of Bitcoin products, largely thanks to ETF approvals.
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