AdvisorShares Files For Bitcoin ETF - Official.

AdvisorShares Files For Bitcoin ETF - Official.

2021-08-21 | Eddy Morgan

AdvisorShares Files For Bitcoin ETF - Official.

AdvisorShares, an investment management firm that offers a variety of themed ETFs, has submitted an application to the SEC [Securities and Exchange Commission] for a Bitcoin [BTC], futures ETF [Exchange traded Fund]. The AdvisorShares Managed Bitcoin ETF will invest “all or substantially all of its assets in exchange-traded futures contracts on bitcoin” and collateral, consistent with the official filing. The Bethesda, Md.-based investment management firm revealed within the filing that it'll not invest directly in Bitcoin. Morgan Creek Capital will function as the Fund’s sub-adviser, using its research and other resources to assist guide the Fund’s investment strategies. In remarks earlier this month, SEC chair Gary Gensler suggested he would look more favorably upon bitcoin ETFs that solely trade bitcoin futures contracts. Leading investment firms VanEck and ProShares both withdrew their applications with the SEC for approval of Ethereum [ETH], futures ETFs, just two days after filing them, consistent with Bloomberg analyst Eric Balchunas earlier on Friday. There are over a dozen Bitcoin ETF applications presently before the SEC, which has yet to approve one.

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