Kryptoin has submitted an application for its second Bitcoin Exchange Traded Fund (ETF) product with the United States Securities and Exchange Commission (SEC). Per the filing, the product dubbed the “Kryptoin Bitcoin ETF Trust,” will be listed on Cboe’s BZX Exchange.
The Kryptoin filing for a Bitcoin ETF product is the company’s second attempt after the initial application submitted back in October 2019 was turned down. Through this current filing, the company, owned by Jason Toussaint, has joined the growing list of crypto outfits pressing on the SEC for an ETF approval.
A Bitcoin Exchange Traded Fund is an offering that can give investors direct exposure to the premier digital currency which can be traded on a public bourse in a more regulated environment. The entire regulatory hurdle which is keeping many conservative investors at arm’s length will be eliminated through the ETF products, allaying fears that include the impact of extreme volatility amongst others.
The Kryptoin Bitcoin ETF Trust will use pricing that reflects the actual Bitcoin market price as detailed in the filing and the reference rate will be provided by the CF Bitcoin US Settlement Price, based on an aggregation of price data from major bitcoin spot exchanges. All bitcoin will be held at Gemini Trust Company, LLC.
Demand For a Bitcoin ETF Product on the Rise
Drawing on the approval of a Bitcoin ETF product by Canadian authorities, stakeholders in the crypto ecosystem are mounting increased pressures on the SEC through a slew of new filings. As of today, about 8 Bitcoin ETF applications are on the SEC’s desk including that from Fidelity, VanEck, and WisdomTree amongst others. In a recent notice published by the SEC, it noted it has started the process of reviewing WisdomTree’s application.
While the anticipation mounts in view of the first Bitcoin ETF the SEC is likely to approve, crypto industry experts believe the launch of such a product will be a catalyst to the mainstream adoption agenda of digital currencies especially as it relates to institutional investors.
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