Fund management firm Global X files with SEC for Bitcoin ETF

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New York-headquartered fund supervisor International X Digital Property has filed an software for a Bitcoin (BTC) exchange-traded fund (ETF) with the US Securities and Change Fee. International X Digital Property, which is the sponsor of the proposed belief, is affiliated with International X Administration Firm, also called International X, and Mirae Asset International Investments.

Filed on July 21, the applying signifies that the proposed International X Bitcoin Belief would commerce on the Cboe BZX trade. As per the submitting:

“The Belief’s funding goal is to replicate the efficiency of the worth of bitcoin much less the bills of the Belief’s operations. The Belief is not going to search to replicate the efficiency of any benchmark or index.”

Buyers within the fund, or their approved monetary brokers, would obtain Bitcoin from the belief by means of an unnamed BTC custodian. The submitting stipulates that the belief itself “is not going to buy or, barring a liquidation or extraordinary circumstances described herein, promote bitcoin immediately.”

Associated: Grayscale ‘100% dedicated’ to turning GBTC into Bitcoin ETF — CEO

Earlier this week, Greg King — CEO of Osprey Funds — argued that the excessive variety of Bitcoin ETF purposes within the U.S. earlier this yr contributed to Bitcoin’s extraordinary 2021 bull run. The SEC’s persistent reluctance to approve a crypto ETF, alongside hawkish regulatory remarks within the U.S. relating to numerous crypto property like stablecoins, has, for King, performed a job within the coin’s subsequent worth downturn. King has instructed that 2022 can be the earliest the U.S. regulator would approve a BTC ETF software.