BlockFi files for a Bitcoin ETF with physical backing
The Securities and Exchange Commission's decision on VanEck's proposal for a spot Bitcoin ETF is set to be made on November 14th.
To start off what is likely to be a busy week for cryptocurrency markets, BlockFi, the cryptocurrency lending service, has filed papers with the Securities and Exchange Commission (SEC) to start an exchange-traded fund (ETF) that would invest in physically-backed Bitcoin.
According to official records, the BlockFi NB Bitcoin ETF filed its Form S-1 with the SEC on Monday. Unlike any other derivative or futures benchmark, BlockFi will act as the ETF's custodian, with the goal of representing the underlying performance of Bitcoin.
"Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses." According to the filing. Crypto Twitter was abuzz with rumors that the SEC was close to approving its first physical Bitcoin ETF this week.
Bloomberg's James Seyffart highlighted that the SEC's verdict on the expected VanEck spot Bitcoin ETF would be made on Sunday, September 16.
The U.S. securities regulator has been so cooperative and busy regarding the Bitcoin ETFs recently. They authorized the ProShares' Bitcoin Strategy ETF last month. This was the first BTC exchange-traded fund in the US. Having said that, the permission comes with a condition: the price of the fund would be determined by BTC futures, not the spot market. The SEC approved Valkyrie's Bitcoin Strategy ETF, following Proshare. Valkyrie is another futures-based product.
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