$30 Billion ETF Firm Global X Files for Bitcoin ETF

SEC Chair Nominee Gary Gensler Calls Bitcoin (BTC) "A Catalyst for Change", Is Bitcoin ETF Coming Soon?

Global X, a New York-based global provider of exchange-traded funds with $30 billion in AUM has filed for a Bitcoin ETF with the US SEC. The filing dated 21st July revealed that the name of the ETF would be Global X Bitcoin Trust and it would trade on Cboe BZX Exchange, Inc on approval.

The firm plans to hold Bitcoin in its trust to back the fund rather than using any index or benchmark to trace the price of the ETF. The official filing read,

The Global X Bitcoin Trust (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc. (the “Exchange”) under a ticker symbol to be announced prior to commencement of trading. The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.

Source: SEC

Bitcoin ETF Applications Piling Up, But SEC Continues to Delay its Decision

The number of Bitcoin ETF proposals has risen to over a dozen this year including Fidelity, WisdomTree, Wilshire Phoenix, VanEck, and First Trust SkyBridge. The SEC has delayed its decision on three ETF applications already including WisdomTree, VanEck, and Skybrdge capital. While the demand for a regulated Bitcoin product has risen to an all-time high, SEC seems to be in no hurry.



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