According to the registration statement on the SEC website, Global X has filed for a Bitcoin ETF. It is a New York-based global provider of exchange-traded funds with $30 billion in AUM and has more than 80 different products.
Source: SEC
One of the largest ETF providers, Global X, is looking for a Bitcoin ETF opening
In 2018, Global X was acquired by Mirae Asset Global Investments, a company located in Seoul, South Korea, with more than $500 billion funds under management.
The filing dated 21st July revealed that the name of the ETF would be Global X Bitcoin Trust and it would trade on Cboe BZX Exchange on approval.
The firm plans to hold Bitcoin in its trust to back the fund rather than using any index or benchmark to trace the price of ETF. The trust will mostly reflect Bitcoin’s performance and will hold and manage Bitcoin as its main trading asset.
“The Global X Bitcoin Trust is an exchange-traded fund that issues common shares of beneficial interest that trade on the Cboe BZX Exchange, Inc. The “Exchange” under a ticker symbol is to be announced prior to the commencement of trading. The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index,” the official filing stated.
The stock ticker and potential listing date have yet to be announced by the SEC. The information in the registration form is not complete and is subject to change. Global X will have to receive SEC approval before selling securities on the exchange.
The number of Bitcoin ETF proposals has grown to over a dozen this year including Fidelity, WisdomTree, Wilshire Phoenix, VanEck, and First Trust SkyBridge. The SEC has delayed its decision on three ETF applications, as AZCoin News reported, including WisdomTree, VanEck, and Skybrdge Capital. While demand for a regulated Bitcoin product has surged to an all-time high, the SEC does not appear to be in a hurry.
SEC Commissioner Hester Peirce and the former CFTC Chairman have both called on the SEC to approve the first Bitcoin ETF in the US. If the SEC used the same criteria as traditional ETF products for Bitcoin, there would be plenty of Bitcoin ETFs on the market by now.
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