Los Angeles (CoinChapter): New York-based investment firm SkyBridge Capital became the latest company to file for a Bitcoin exchange-traded fund (ETF). With the U.S. Securities and Exchange Commission (SEC).
SkyBridge completed the filing on March 19 with the help of investment advisor First Trust Advisors. First Trust will act as the fund’s advisor, with Skybridge serving as sub-advisor.
According to the documents, the SkyBridge and First Trust Bitcoin ETF is planning. To list its shares on the New York Stock Exchange Arca. However, a ticker symbol has not yet been announced for the fund.
Therefore, the trust will offer a regulated way for investors to gain exposure to Bitcoin without needing to custody the digital asset. While also allowing investors to complete trades through their brokers.
SkyBridge-First Trust Bitcoin ETF one of several applications waiting for approval from SEC
The SkyBridge Capital and First Trust Bitcoin ETF is now one of several applications currently waiting for a verdict from the SEC.
Earlier this month, New York-based asset manager WisdomTree submitted its latest application for a Bitcoin ETF. Following an attempt to get a fund approved that would hold up to 5% of its portfolio in Bitcoin futures.
Before that, leading U.S. investment bank Morgan Stanley filed for a Bitcoin ETF. In partnership with crypto-focused financial services firm NYDIG on Feb. 16. Although, the proposed fund would be exclusively available to investors who hold at least $2 million in assets with the firm.
Back in January, major exchange-traded product-issuer VanEck and Texas-based Valkyrie Digital assets. Additionally filed separate applications for Bitcoin ETFs with the U.S. SEC.
The driving force behind the rise in U.S.-based investors speculating on the shares of prominent businesses. Appears to be the lack of regulated investment products offering exposure to the price of Bitcoin.
Fundstrat’s vice president of digital asset strategy, Leeor Shimron, revealed that shares in the four-largest publicly-traded Bitcoin mining firms. Had outperformed Bitcoin by 455% over the past 12 months.
“Until a Bitcoin ETF is approved, investors may view public mining companies. As one of the only ways to get exposure to Bitcoin,” he said.