BREAKING: BlockFi files for physically-backed Bitcoin ETF

BlockFi, a cryptocurrency lending company, has filed paperwork with United States Securities and Exchange Commission (SEC) to launch a physically-backed Bitcoin exchange traded fund. This marks the beginning of what’s expected be a huge week for the crypto market.

According to official documents, the Form S-1 for BlockFi NB Bitcoin Exchange Trade Fund was filed to the SEC on November 8. According to official documents, the filing states that BlockFi will be the custodian of the ETF and that its investment objective is to track the underlying performance Bitcoin rather than any futures or derivatives benchmark.

Further, the filing states that the Trust will not buy or sell bitcoin directly. However, the Trust may direct Custodians to sell bitcoin in order to pay for certain expenses.”

Crypto Twitter circulated news about the ETF listing amid speculation that the SEC could be close to its first physical Bitcoin ETF approval this week.

BlockFi has filed with the SEC to launch a spot #Bitcoin ETF pic.twitter.com/2F1s0D1N3W
Dylan LeClair (@DylanLeClair_ November 8, 2021

James Seyffart, Bloomberg’s Bloomberg reporter, noted that the SEC will make its decision on the VanEck spot Bitcoin ETF on November 14. He stated that it would be approved or denied by the SEC, meaning there will be no further delays.

Here is the current list for #Bitcoin/Crypto ETF filings to the SEC. VanEck’s spot Bitcoin Exchange Trade Fund is still due for approval on 11/14/21. There will be no further delays. https://t.co/Z8phpVlsOK pic.twitter.com/g9ayoibmQN
— James Seyffart, @JSeyff November 8, 2021

Related: Why now? It took the SEC eight years to approve a Bitcoin ETF in America

The U.S. securities regulator approved ProShares’ Bitcoin Strategy ETF last month. This is the first BTC exchange-traded funds in the country. The approval was subject to a caveat: the price of the fund is tied to BTC futures, not the spot price. The SEC approved the ProShares Fund shortly after it was approved. It also gave green light to Valkyrie’s Bitcoin Strategy ETF (which is another futures-based product).

Although the futures-based ETFs aren’t exactly what Bitcoin enthusiasts were looking for, investors have found them to be incredibly popular. Cointelegraph reported that ProShares’ ETF launched with the largest ever first-day natural volume, exceeding $1 billion. The ETF approvals had largely facilitated the purchase by institutional managers of more than $2B worth of Bitcoin products in October.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami