Kryptoin Refiles Bitcoin ETF Application with SEC, Joins Growing List of Applicants

Kryptoin Investment Advisors, a financial services company led by Jason Toussaint, has refiled an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin Exchange-Traded Fund (ETF). This marks Kryptoin’s second attempt, following its initial filing in October 2019 for the Kryptoin Bitcoin ETF Trust, which proposed trading on the NYSE Arca exchange.

In its updated application, Kryptoin plans to list the ETF on the Cboe BZX Exchange, joining several other applicants, including VanEck and WisdomTree, which have also chosen Cboe as their preferred venue.

Details of the Kryptoin Bitcoin ETF

Pricing and Mechanism

Kryptoin’s ETF will use the C.F. Bitcoin U.S. Settlement Price as its pricing mechanism. The revised S-1 filing outlines plans to issue shares on the Cboe BZX Exchange, a venue favored by other Bitcoin ETF applicants.

Competitive Landscape

Kryptoin is one of eight active Bitcoin ETF applications currently under review by the SEC, alongside proposals from major players like:

• WisdomTree
• VanEck
• NYDIG
• SkyBridge Capital

SEC Review and the Growing Demand for a Bitcoin ETF

The SEC recently announced it has begun the review process for WisdomTree’s Bitcoin ETF application, adding momentum to the possibility of approval. However, no Bitcoin ETF has been approved in the U.S. to date. This lack of approval has left American crypto traders without a retail-friendly investment product closely tied to Bitcoin’s price.

International Context

• Canada and Brazil: Both countries have approved Bitcoin ETFs, signaling a growing global acceptance of such products.
• Grayscale Bitcoin Trust (GBTC): Currently the top crypto investment product in the U.S., GBTC operates with key differences from an ETF, including a lock-in period for investors and pricing discrepancies.

Market Outlook and Industry Optimism

A Bitcoin ETF is seen as a game-changer for the crypto industry, potentially offering:

• Easier Access: Allowing retail and institutional investors to gain Bitcoin exposure without directly holding the asset.
• Market Transparency: Providing a regulated and liquid investment vehicle that closely tracks Bitcoin’s price.

Statements from Industry Leaders

• Morgan Creek Capital Management CEO: Recently expressed confidence, stating that a U.S.-based Bitcoin ETF is “going to happen.”
• Grayscale Investments: The company has also revealed its intentions to convert its Grayscale Bitcoin Trust into a fully-fledged Bitcoin ETF.

Conclusion

Kryptoin’s refiling underscores the growing interest and competition among financial institutions to launch the first U.S.-based Bitcoin ETF. As the SEC evaluates multiple applications, the likelihood of approval appears to be increasing, driven by the global adoption of similar products and the rising demand for regulated Bitcoin investment options.

If approved, a Bitcoin ETF could transform the investment landscape, providing U.S. investors with a seamless way to gain exposure to the world’s largest cryptocurrency.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.