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NYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board

The crypto-focused financial services firm has filed S-1 paperwork with the SEC, reigniting the debate over a Bitcoin ETF.

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NYDIG files for US-based Bitcoin ETF, with Morgan Stanley on board

New York Digital Investment Group, or NYDIG, has filed paperwork together with the United States Securities and Exchange Commission to launch a new Bitcoin exchange-traded finance.

The submission lists NYDIG Trust Company LLC since the fund's Bitcoin custodian and Morgan Stanley as an authorized participant.

As a licensed participant, Morgan Stanley is expected to sell shares to the public at prices which reflect the fund's assets, supply and demand, and underlying market conditions. The shares will trade on the NYSE Arca exchange beneath a yet-to-be-determined ticker symbol.

According to the prospectus summary:

"The Trust's investment objective is to reflect the functioning of the price of bitcoin less the expenses of the Trust's operations. The Trust won't seek to reflect the operation of any reference or index."
It continues:

"In trying to achieve its investment objective, the Trust will hold bitcoin."
NYDIG has been active in the crypto area, as it seeks to provide more institutional vulnerability to electronic resources like Bitcoin. In Nov and Dec 2020, the company increased $150 million through two separate cryptocurrency investment funds. NYDIG was awarded a BitLicense by the New York State Department of Financial Services at 2018.

Stone Ridge, NYDIG's parent company, is one of the largest institutional holders of Bitcoin.

The pursuit for a Bitcoin ETF was evasive, at least in the United States, where many fund issuers have tried unsuccessfully to get regulatory approval.

Canada recently approved the initial publicly-traded Bitcoin ETF in North America, enabling institutional investors to get BTC investments straight without derivatives.

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