Kryptoin Investment Advisors, a financial services company led by Jason Toussaint, refiled an application with the U.S. SEC on Friday for a Bitcoin ETF. It is Kryptoin’s second attempt at an ETF. In October 2019, Kryptoin filed for the “Kryptoin Bitcoin ETF Trust.” It was supposed to be trading on NYSE Arca. In today’s refiling, that’s Kryptoin has changed it to Cboe’s BZX Exchange. There are eight ETF applications on the table of SEC, including the newly attached Wisdom Tree proposal.
The Kryptoin ETF intends to offer bitcoin employing the C.F. Bitcoin U.S. Settlement Price as its pricing mechanism. The revised S-1 form briefs that Kryptoin plans to issue shares on the Cboe BZX Exchange. The WisdomTree and VanEck prospectuses also name Cboe as the planned listing venue, and Cboe has filed paperwork with the SEC to add itself to VanEck’s offering officially.
U.S. SEC starts Reviewing Process of WisdomTree’s Bitcoin ETF Application
Kryptoin’s filing occurs during an increase in applications of bitcoin ETF. The ETF approval seems increasingly probable, if not likely. The SEC also announced that it began its review of WisdomTree’s application for a Bitcoin ETF, which the fund manager listed in March. The SEC is also evaluating a filing from VanEck. Nevertheless, the U.S. regulators have not approved the Bitcoin ETF yet. Thus, withholding the U.S.-based crypto traders of retail-friendly, suitable investments that highlight the volatile asset.
VanEck, NYDIG, SkyBridge Capital are amongst the eight pending applications for the Bitcoin ETF in the row. A Bitcoin ETF should fall closer to the price of the underlying digital asset. Furthermore, Canada and Brazil now have their own Bitcoin ETFs, and crypto executives are confident about the prospect of an American one. Moreover, today the CEO of Morgan Creek Capital Management said that a Bitcoin ETF “is going to happen.”
Recently Grayscale Bitcoin Trust is the top crypto investment products amongst the series of U.S.-based crypto investment products. It operates a little like an ETF, though with numerous vital differences. For instance, while an ETF acts like a stock, Grayscale’s trust secures investors into owning shares for months. This enables GBTC to trade at a discount for over a month. Moreover, Grayscale, too, has disclosed its plans for a proper ETF.
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