2021-9-22 17:53 |
While the US Securities and Exchange Commission (SEC) refuses to approve a Bitcoin ETF at this point, companies remain as hopeful as ever and continue to file for the same.
This week, Invesco and Galaxy Digital filed a joint registration statement for a physically-backed Bitcoin ETF.
Invesco already has its application for a futures-backed Bitcoin ETF before the SEC, for which ruling is expected in October.
In fact, with SEC Chair Gary Gensler signaling his openness to a futures-linked ETF that offers more investor protection, the market is hoping for approval on such an ETF this year.
According to Bloomberg Intelligence Commodity Strategist Mike McGlone, it’s only a matter of time that the first Bitcoin ETF gets approved.
In an interview, McGlone talked about Canada extending its lead over the US by approving Bitcoin and Ether ETFs and that capital is flowing from the US to Canada’s institutional crypto products.
But he doesn’t expect the US lawmakers to miss this out for much longer, and this could happen “potentially by the end of October.” According to him, it is likely to be a futures-backed product first, adding that it would still open a “legitimization window for a massive amount of money inflow.”
Here's the updated list of U.S. crypto ETF/fund filings. Invesco is partnering with Galaxy for this most recent 'physical' #Bitcoin ETF filing under the 1933 act. https://t.co/HDPmZ3AvnQ pic.twitter.com/CQjm4qDNxZ
— James Seyffart (@JSeyff) September 21, 2021
Meanwhile, Amplify is going after the broad crypto market and decentralized finance (DeFi) sector. The Amplify Decentralized Finance & Crypto Exposure ETF (the “Fund”) application wants approval for the fund to invest in Bitcoin futures, Canadian Bitcoin funds, and companies that hold more than 50% of their net assets in BTC, Ether, or any other “liquid” cryptocurrency.
“Initially, the Fund expects to directly invest up to 15% of its total assets in Grayscale Bitcoin Trust (‘GBTC’) and Canadian bitcoin ETFs investing in bitcoin.”
The Fund also seeks to invest at least 40% of their net assets in the DeFi marketplace that includes Decentralized Finance Blockchain Miners, Digital Asset & Decentralized Finance Integrators, Decentralized Finance Applications, and Pre-Revenue Decentralized Finance Companies.
However, the prospectus isn’t completed yet, with key roles still to be filled, such as a bitcoin custodian.
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