According to the Reuters report, CBOE global market is seeking approval from the U.S. Securities and Exchange Commission (SEC) to list a bitcoin Exchange Traded Fund (ETF), according to a filing, the latest attempt to launch such a product in the United States. The filing came as Citi Bank’s analysts said the most popular cryptocurrency was at a “tipping point” and could become the preferred currency for international trades. Earlier, Reuters reported that Goldman Sachs Group Inc had restarted its cryptocurrency trading desk.
Bitcoin rose as much as 10% on Monday.
Bitcoin rose as much as 10% on Monday amid a broader rise in risk assets. While its price has risen significantly over the past year, bitcoin remains highly volatile. The virtual currency smashed through $58,000 on Feb. 21, then fell back by as much as 25%. At the time of writing, bitcoin is trading at just above $48,500. The price of the leading cryptocurrency has witnessed a massive winning rally this year, mostly because of the increased interest in bitcoin from institutions.
The SEC has previously rejected several attempts to list Bitcoin ETFs.
The CBOE’s filing late Monday U.S. time said investing in Bitcoin via an exchange-traded product would offer advantages to retail investors, including access to better custody. Storing bitcoin safely is a common problem for investors. As reported earlier, Canada’s Purpose Bitcoin ETF last month became the world’s first exchange-traded fund physically settled in the cryptocurrency, with asset managers in the country rushing to launch their own bitcoin ETFs. With the new administration taking charge in the U.S., it is speculated the bitcoin ETF might become a reality soon.