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Global X, a fund management company, files with the SEC for Bitcoin ETF

Fund managers are pushing ahead to approve the first American Bitcoin ETF as Bitcoin is hovering around $30,000

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Global X, a fund management company, files with the SEC for Bitcoin ETF

New York-headquartered fund manager Global X Digital Assets has filed an application for a Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission.

Filed on July 21, the application indicates that the proposed Global X Bitcoin Trust - a Delaware statutory trust formed in mid-July of this year - would, if approved, trade on the Cboe BZX exchange. The trust's administrator would be the Bank of New York Mellon. According to the filing:

The Trust's investment objective aims to reflect bitcoin's price less its expenses. The Trust will not attempt to match any benchmark or index.

The trust would allow investors or their financial agents to receive Bitcoin through an unnamed BTC Custodian. Global X, though unnamed indicates that the custodian (a limited purpose trust company authorized to provide digital asset custody services by the New York State Department of Financial Services) is not a named entity. According to the filing, the trust "will not buy or, barring a liquidation, sell bitcoin directly."

Global X Digital Assets is the trust's sponsor. It is also affiliated with Global X Management Company (also known as Global X and Mirae Asset Global Investments). Based in Seoul, South Korea the latter manages assets around the world with a value of more than $560 billion as at March 2021.

Greg King, CEO of Osprey Funds, stated earlier this week that Bitcoin's remarkable 2021 bull market was due to the large number of Bitcoin ETF application in the U.S. __S.15__

The SEC's persistent reluctance to approve a crypto ETF, alongside hawkish regulatory remarks in the U.S. regarding various crypto assets like stablecoins, has, for King, played a role in the coin's subsequent price downturn. King suggested that the U.S. regulator will approve an application for a BTC ETF application in 2022.

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