New York-based investment firm SkyBridge Capital has applied for a Bitcoin Exchange Traded Fund (BTC) or ETF with the US Securities and Exchange Commission.
SkyBridge applied for registration on March 19 in collaboration with First Trust Advisors. First Trust will act as an advisor to the fund, and Skybridge will act as an affiliated legal advisor.
The documents indicate that Bitcoin ETF First Trust SkyBridge will seek to list its shares on the Arca New York Stock Exchange. The fund’s index symbol has not yet been announced.
The deposit confirms that the trust will provide investors with a structured way to receive bitcoins without having to have a digital asset, and will allow investors to make transactions through their brokers.
First Trust SkyBridge ETF Trust is now one of several Bitcoin ETF implementations pending SEC decision.
On March 11, WisdomTree in New York-based asset management firm filed its latest Bitcoin ETF application after trying to get a certified fund that contained up to 5% of the Bitcoin futures portfolio, despite energy and minerals. … -2020.
Morgan Stanley, the leading US investment bank, submitted an application on February 16 to establish a Bitcoin ETF in partnership with the financial company NYDIG. The proposed fund will be exclusively available to investors who own at least $ 2 million in the company’s assets.
In January, the SEC also received separate orders for bitcoin ETFs from VanEck, a Texas-based exporter of exchange-traded products and assets Valkyrie Digital.
In the absence of ETFs, it seems that the lack of regulated investment products that offer bitcoin pricing is forcing US investors to speculate in well-known companies in the digital assets sector.
On March 22, Fundstrat’s vice president of digital asset strategy, Lior Shimron, revealed that shares in the four largest listed bitcoin miners have surpassed bitcoin by an average of 455% over the past 12 months. Shimron commented on the data to CNBC:
“Until a Bitcoin ETF is approved, investors may see listed mining companies as one of the only ways to identify Bitcoin.”