The US-based investment manager AdvisorShares filed with the SEC to release a Bitcoin ETF.
As noted in the submitted papers, the fund plans to invest all or most part of its holdings in exchange-traded futures contracts on BTC and collateral.In case of approval, AdvisorShares plans to invest in BTC indirectly. The ETF's sub-advisor will be North Carolina-based Morgan Creek Capital. The company would assist in establishing strategies for the new product. Previously, SEC president Gary Gensler hinted that Bitcoin ETFs that deal with exceptionally BTC futures are more likely to get the agency’s authorization.
AdvisorShares, founded in 2006, offers actively managed ETFs. Currently, it holds around $815 M in AUM. The number of requests for launching a BTC ETF has surpassed 14. Among the companies that filed with the SEC are Fidelity, Coinbase, NYDIG, Sky Bridge Capital, Cboe Global Markets, Wisdom Tree and Valkyrie. There are also requests for Ethereum ETF waiting to get approval.
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The US regulatory system constantly delays decisions saying there is a need for more public consultation. Hester Peirce, The SEC official, aka “Crypto Mom” finds delays are unnecessary and the regulatory authority should have given green light to Bitcoin ETFs a long time ago.