The investment companies are not giving up hope of a Bitcoin ETF in the USA. When is the SEC finally ready to rethink?
The Bitcoin ETF topic is entering the next round. The latest application is from the New York Digital Investment Group (NYDIG). She has filed papers with the United States Securities and Exchange Commission (SEC) to set up an exchange-traded Bitcoin fund. That used for this purpose Formular S-1 accordingly identifies NYDIG Trust Company LLC as the fund’s Bitcoin custodian and US investment bank Morgan Stanley as an authorized participant.
NYDIG is by no means unknown in the crypto scene. The investment company has long been eager to offer more institutional exposure to digital assets like bitcoin. Back in November and December 2020, the company raised $ 150 million through two separate cryptocurrency mutual funds. NYDIG was granted a BitLicense by the New York State Department of Financial Services in 2018. In addition, Stone Ridge, the parent company of NYDIG, is one of the largest institutional owners of Bitcoin.
Does the BTC price trend force the SEC to rethink?
As an eligible participant, Morgan Stanley is expected to sell the shares to the public. The price will be made up of the fund’s assets, supply and demand, and prevailing market conditions. If the SEC approves the application, the shares will go on sale on the NYSE Arca stock exchange under a ticker symbol to be determined.
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The trust’s investment objective is to reflect the performance of the price of Bitcoin minus the expenses incurred in running the trust. The Trust will not seek to reflect the performance of any benchmark or index. In an effort to meet its investment objective, the Trust will hold Bitcoin
, so the application form.
The Bitcoin ETF issue is a tricky business, at least in the United States. So far, the US Securities and Exchange Commission has put every applicant in their place. The last statements of the new US Treasury Secretary Janet Yellen did not exactly indicate great crypto enthusiasm among the former Federal Reserve boss. How the SEC will decide this time remains to be seen. Even if the chances with the current BTC all-time high and the investment of some large US corporations, above all of course Tesla, may be a little cheaper this time. In neighboring Canada, they are already thinking a step further. A Bitcoin ETF recently celebrated its North American premiere there. The hopes of Bitcoin fans now rest on Gary Gensler, who is to become the new head of the SEC. However, the former Goldman Sachs executive has more of a hardlining reputation.
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