Bitcoin ETF applications to the US SEC keep increasing as Global X, an ETF provider with over $30 billion assets under management files for its own Bitcoin ETF. The application was made on Wednesday, adding to the long list of ETF applications on Bitcoin before the US SEC. According to reports, the ETF would bear the name, Global Bitcoin Trust and will begin trading on Cboe BZX Exchange, Inc. if approved.
Global X Bitcoin exchange-traded fund (ETF) will be held and backed by its Trust, instead of the performance of any benchmark or index to track its price. The firm also revealed that a ticker symbol for the ETF would be announced before trading commences. In its application, it defined the trust as an exchange-traded fund that issues common shares of beneficial interest that trade on the Cboe BZX Exchange.
US SEC Receives Numerous Bitcoin ETF Applications, Yet to Approve Any
Earlier this week, it was reported that the US Securities and Exchange Commission had 13 Bitcoin ETF applications that were pending. Prior to this, it had rejected a series of applications citing the volatility risks. Despite the rejections, the pressure for a Bitcoin ETF has been mounting on the commission. Surely, a first Bitcoin ETF for the US would pave the way for others. Perhaps the SEC may be biding its time before it makes an approval.
In light of this, CEO of asset-management firm, Osprey Funds, Greg King asserted that a Bitcoin ETF seemed unlikely for the US this year considering the body language and rhetoric of the SEC. Osprey Funds had also applied for an ETF back in 2017, which was rejected as well. In his argument, he said the commission had a lot of things on its table. As such, next year will be more probable for the ETF.
The US SEC is not cowering to the pressure being mounted. Besides, US regulators are still deliberating over all-encompassing regulations on cryptocurrencies. It is likely that the commission is waiting until there are proper regulations as it keeps citing concerns over volatility.
Micheal Sonnenshein Says Bitcoin ETF is a Must
Meanwhile, Grayscale is looking to turn its Bitcoin Trust into an ETF. According to its CEO, Michael Sonnenshein, the leading asset management firm remains committed to converting its renowned trust into an ETF. As an indication of its commitment, it went ahead to sign a deal with Bank of New York Mellon that will ensure that its ETF sees the light of the day. Grayscale also opened a decentralized finance fund, specifically for institutional investors.
On the contrary, Canada already has about three Bitcoin ETFs while South America recently listed a Bitcoin ETF on Brazilian Stock Exchange (BSE). If a Bitcoin ETF would be approved by the US SEC this year, the only time would reveal