Global X Files for a Bitcoin ETF

by in Cryptocurrency News

Global X Bitcoin ETF

New York-based exchange-traded funds operator Global X filed with the US SEC to list its BTC Trust on the Cboe BZX Exchange owned by Cboe Global Markets. The trust's administrator will be leading US bank BNY Mellon.

Related: Osprey Funds CEO doubts US approves Bitcoin ETF this year

It was mentioned in the filing that the Trust aims to mirror the BTC indicators movements less the expenses of the Trust's proceedings. The product won't follow the movements of any gauge or index.

Investors or licensed brokers would get BTC from the fund via a custodian, whose identity isn’t revealed for now. Although Global X doesn't disclose the custodian's name, it mentions the institution is authorized by the NYC Department of Financial Services.

The document states that the firm won't trade Bitcoin directly.

Global X, founded in 2008, holds about $30 B Assets under Management (AUM) as per data of April 2021.

Over a dozen similar applications are waiting for an answer from the SEC. Some of them have prolonged their formal application windows more than once. Recently, the SEC delayed the answer about the requests from Valkyrie Digital Assets, WisdomTree, and Skybridge Capital. Along with this, more and more companies are applying to get SEC’s validation for Bitcoin ETF.