BlockFi has submitted a proposal to the SEC for approval of a spot-traded bitcoin fund (ETF)
According to S-1 form, BlockFi NB Bitcoin ETF Will Trade On The New York Stock Exchange And Own Bitcoins. The application was submitted in accordance with the Securities Law 1933 of the year. Remarkably, what is already more 20 similar proposals, awaiting the decision of the regulator and only 10 of which have a decision date from the SEC.
The company previously applied for the BlockFi Bitcoin Strategy Fund futures, since SEC head Gary Gensler hinted, which futures products are more likely to approve, working under the Investment Companies Act 1940 of the year. Since then, several futures products have already received the green light to work., although the BlockFi futures offer has not yet been approved.
The fate of the spot ETF offers is not yet fully understood.. The SEC must decide the fate of the VanEck application before 14 November. Eric Balchunas, Senior ETF Analyst at Bloomberg, believes, what BlockFi offer — it is a way to stay in the line of issuers fighting for approval, but until Gensler changes his mind about BTC spot products, everything will remain in limbo.
The move could be part of a broader move towards crypto ETFs for a financial services company.. BlockFi announced last month that it was partnering with investment manager Neuberger Berman to create a business to launch cryptoasset management products., including ETF.