A New-York based investment firm, SkyBridge Capital, has formally become the latest firm to file for the right to introduce a Bitcoin ETF (exchange-traded fund). The firm presented its filing to the U.S. SEC on March 19. SkyBridge filed for the ETF in collaboration with First Trust Advisors. First Trust will perform as the fund’s primary advisor, while SkyBridge will act as its sub-advisor. If passed, the fund will be listed on the New York Stock Exchange, Arca. However, the firm is yet to finalize a ticker symbol.
If SkyBridge receives the SEC’s approval, the Bitcoin ETF will become the first of its kind to be approved in the U.S. and pave the way for future Bitcoin ETF applications. The addition will extend the list of Bitcoin products. Recently, the hedge fund established by former White House Communications Direction Scaramucci has a Bitcoin Fund, which requires a buy-in of at least $50,000. The Bitcoin Fund increased to $370 million in weeks of its launch in December 2020.
SkyBridge is the fifth organization to file for Bitcoin ETF in the U.S.
Skybridge’s application is the latest in several Bitcoin ETF applications filed with the U.S. SEC following the year’s start. Before Skybridge, WisdomTree presented its latest Bitcoin ETF application on March 11. Earlier, in 2020, WisdomTree petitioned for the right to introduce an ETF that would fund over 5% of its capital into Bitcoin futures contracts. Moreover, the company would invest the rest of the fund’s capital into energy, agriculture, and metals.
Moreover, in February, the U.S. investment bank Morgan Stanley presented a Bitcoin ETF filling in collaboration with NYDIG. It is a financial service firm that concentrates on crypto. Morgan Stanley’s Bitcoin ETF would have only been accessible to investors who hold over $2 million in assets with the bank. In January, VanEck and Valkyrie Digital Assets also filed for Bitcoin ETFs. VanEck, which has issued several exchange-traded products, has been attempting a Bitcoin ETF for numerous years.
However, in Canada, a range of Bitcoin ETFs have won approval. Brazil’s CVM (Securities and Exchange Commission) has approved a Bitcoin ETF launched by Q.R. Capital. Sao Paulo stock exchange will list Brazil’s first Bitcoin ETF under the ticker QBTC11. Those successes have managed some observers to consider that U.S. securities regulators may disrupt their years-long opposition to such products.
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