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Issuers across the $5.9 trillion US ETF industry are racing to win approval for the first Bitcoin fund, with one big hurdle standing before them: A regulator whose position right now is anyoneâs guess.
At least four firms now have live applications for an exchange-traded fund tracking the largest cryptocurrency, with WisdomTree Investments joining their ranks late last week. VanEck Associates Corp., NYDIG Asset Management and Valkyrie Digital Assets were the names already in the running.
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Wall Street Steps Up Crypto ETF Push With SEC Verdict Unknowable At least four firms now have live applications for an exchange-traded fund tracking Bitcoin, with WisdomTree Investments joining their ranks late last week.
Claire Ballentine and Olivia Raimonde | Mar 16, 2021
(Bloomberg) Issuers across the $5.9 trillion U.S. ETF industry are racing to win approval for the first Bitcoin fund, with one big hurdle standing before them: A regulator whose position right now is anyone’s guess.
At least four firms now have live applications for an exchange-traded fund tracking the largest cryptocurrency, with WisdomTree Investments joining their ranks late last week. VanEck Associates Corp., NYDIG Asset Management and Valkyrie Digital Assets were the names already in the running.
Last Updated: 11 March 2021
The U.S Securities and Exchange Commission’s (SEC) reluctance to approve a Bitcoin exchange-traded fund (ETF) doesn’t seem to discourage issuers these days.
One such is Simplify Asset Management, which has gone ahead to find ways to structure its products. The firm plans to roll out a Bitcoin product that’s not entirely focused on bitcoin. And why should they? The regulators still don’t trust the crypto sector.
Simplify’s U.S. Equity PLUS Bitcoin ETF
Simplify has filed its Equity PLUS Bitcoin ETF with the financial regulator. According to the filing, the Simplify U.S. Equity PLUS Bitcoin ETF will invest up to 15% of its assets in cryptocurrencies, either “indirectly and solely” through Grayscale’s Bitcoin Trust.
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