The Buzz Surrounding Bitcoin ETF Resurfaces as Global X Amends Deposit
Global X Amends Bitcoin ETF Filing, Nearing Approval
Global X ETFs, the New York-based exchange-traded fund provider, has amended its filing for the immediate Bitcoin ETF with the United States Securities and Exchange Commission (SEC), reigniting the buzz surrounding the product. According to James Sefart, an analyst at Bloomberg ETFs, the modified registration indicates that the Global X Bitcoin Trust will be traded on the Cboe BZX Exchange if approved.
The amended Bitcoin ETF filing also reveals that the asset will track the performance of BTC, excluding fund expenses and other obligations. To emphasize its full embrace of Bitcoin, Global X has stated that the fund will directly invest in the cryptocurrency, with its share value to be determined daily using the Coindesk Bitcoin (XBX) price index. While Global X sponsors the fund, the Delaware Trust Company has been appointed as its sole custodian, with Coinbase assisting in safeguarding the acquired Bitcoin on behalf of the company.
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The amendment confirms Global X’s readiness to comply with the SEC regarding the Bitcoin ETF and positions itself among the applicants whose approval prospects have risen since the amendment.
Is the Time Finally Here for the Bitcoin ETF?
The race to secure an immediate Bitcoin ETF in the United States has been ongoing since 2013 when the Winklevoss twins filed the first deposit. While other countries have achieved this feat with such a product, the U.S. has remained adamant, citing concerns over market manipulation.
The SEC has been fully prepared this time around, as industry heavyweights like BlackRock and Fidelity intensify efforts to list this product. Cathie Wood of Ark Invest sees the regulatory agency’s communication approach this time as a good sign, indicating that the lifespan of immediate Bitcoin ETFs may be just around the corner.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
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