The SEC has rejected several Bitcoin ETF proposals since the market’s high in December 2017. BlockFi, a US-based cryptocurrency lending platform, announced their own physical backed Bitcoin ETF on Friday morning. The company filed with the Securities and Exchange Commission to list shares of physically-backed Bitcoins starting July 9th at 8:00 AM EDT for trading under symbol “BITA”.},
The “bitcoin etf filings” is a document that will be filed with the SEC to create a new ETF for Bitcoin. The document is expected to be submitted on February 27th, 2019.
BlockFi, a cryptocurrency lending company, has filed papers with the Securities and Exchange Commission (SEC) to create a physically-backed Bitcoin exchange-traded fund, starting off what is likely to be a busy week in the crypto markets.
According to official papers, the SEC received the BlockFi NB Bitcoin ETF’s Form S-1 filing on November 8. According to the filing, BlockFi will act as the ETF’s custodian, and the ETF’s investing aim is to mirror Bitcoin’s underlying performance rather than any futures or derivatives benchmark.
The trust “will not acquire or sell bitcoin directly,” according to the petition, “but the Trust may ask the Custodian to sell bitcoin to cover certain expenditures.”
The announcement of the ETF listing sparked rumors on Crypto Twitter that the SEC might approve the first physical Bitcoin ETF as soon as this week.
BlockFi has filed paperwork with the Securities and Exchange Commission to create a spot #Bitcoin ETF pic.twitter.com/2F1s0D1N3W
@DylanLeClair_ — Dylan LeClair (@DylanLeClair_) 8 November 2021
The SEC’s judgment on the highly anticipated VanEck spot Bitcoin ETF is coming on November 14, according to Bloomberg’s James Seyffart. “There will be no more delays,” he stated, referring to the SEC’s permission or refusal.
The SEC now has a list of #Bitcoin and Crypto ETF filings. The next significant date for VanEck’s spot Bitcoin ETF is still November 14, 21. There will be no more delays since the SEC will either approve or deny your application. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN
November 8, 2021 — James Seyffart (@JSeyff)
Why are we doing this now? The US Securities and Exchange Commission took eight years to approve a Bitcoin ETF.
Last month, the Securities and Exchange Commission of the United States authorized the country’s first Bitcoin ETF, with one caveat: the fund’s pricing is tied to BTC futures rather than the spot price. The SEC approved Valkyrie’s Bitcoin Strategy ETF, which is a futures-based product, shortly after the ProShares Bitcoin Strategy ETF was approved.
While futures-based ETFs aren’t exactly what Bitcoin purists were hoping for, they’ve proved to be quite popular among investors. ProShares’ ETF opened with the highest-ever first-day natural volume of nearly $1 billion, according to Cointelegraph. Institutional investors had acquired more than $2 billion worth of Bitcoin products by the end of October, owing primarily to the ETF approvals.
The “proshares bitcoin etf” is a proposed Bitcoin ETF that would allow investors to buy shares of a company that owns bitcoins. The fund will be backed by physical assets, such as gold bars or silver coins.
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