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A new application for a Bitcoin exchange-traded fund has been filed by Stone Ridge Asset Management’s subsidiary NYDIG with the U.S. Securities and Exchange Commission. The filing came just as BTC breached $50,000 for the first time.
NYDIG has filed for a Bitcoin exchange-traded fund called the NYDIG Bitcoin ETF with the SEC on February 16, 2021, according to Bitcoin.com. If approved, the ETF’s common shares will trade on the NYSE Arca.
“The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations,” the SEC filing reads. “The Trust will not seek to reflect the performance of any benchmark or index.”
“In seeking to achieve its investment objective, the Trust will hold bitcoin,” NYDIG added. “The Trust will value its assets daily in accordance with Generally Accepted Accounting Principles, which generally value bitcoin by reference to orderly transactions in the principal active market for bitcoin.”
NYDIG named Morgan Stanley as an initial authorized participant. Meanwhile, Delaware Trust Company is the trustee of the NYDIG Bitcoin ETF.
The filing also acknowledged the risks involved when investing with the BTC ETF. “Investment in the trust involves significant risks and may not be suitable for shareholders that are not in a position to accept risks related to bitcoin,” the company warned. “The shares are speculative securities. their purchase involves a high degree of risk, and you could lose your entire investment. you should consider all risk factors before investing in the trust.”
The SEC has not approved any of the Bitcoin ETF applications it received in the past. However, there is a growing sentiment within the U.S. crypto industry that the SEC has warmed to the idea, according to Coindesk.
This optimism has spurred around ten firms to gun for a Bitcoin ETF, according to KKM Financial founder and CEO Jeff Kilburg. He believes that there’s a good chance the SEC might start approving a U.S.-based exchange-traded fund in 2021.
“It’s a similar approach to the way I strategically asked my wife to marry me. Around the 15th or 20th time I asked, she finally said yes,” Kilburg jokingly likened the process to asking someone for marriage.
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