SkyBridge Capital Files For Bitcoin ETF With The U.S. SEC.

SkyBridge Capital Files For Bitcoin ETF With The U.S. SEC.

2021-03-22 | Big Bob

SkyBridge Capital Files For Bitcoin ETF With The U.S. SEC.

New York-based leading investment company SkyBridge Capital has filed for a Bitcoin [BTC] ETF [Exchange-Traded Fund], with the U.S. SEC. SkyBridge submitted the filing earlier on 19th March in collaboration with investment adviser First Trust Advisors. First Trust will act as the fund's advisor and Skybridge serving as sub-advisor. The documents state the primary Trust SkyBridge Bitcoin ETF will seek to list its shares on the NYSE Arca. A ticker symbol is yet to be announced for the fund. The filing emphasizes the trust will permit a regulated way for investors to realize exposure to Bitcoin without having to custody the digital asset, and permit investors to execute trades via their brokers. The First Trust SkyBridge ETF Trust is now one among several applications for a Bitcoin ETF that's presently awaiting a verdict from the SEC. Also earlier on 11th March, New York-based asset manager WisdomTree submitted its latest application for a Bitcoin ETF, following an effort to urge a fund approved that might delay to  5 of its portfolio in Bitcoin futures despite being focused on energy and metals in mid-2020. Renowned United States investment bank Morgan Stanley filed for a Bitcoin ETF in collaboration with crypto-focused financial services firm NYDIG earlier on 16th Feb. The proposed fund would be exclusively available to investors who hold a min of $2 Mln in assets with the firm. Also earlier in January, the SEC also received separate applications for Bitcoin ETFs from the leading  ETP [Exchange-traded Product] - issuer VanEck and Texas-based Valkyrie Digital assets. In the absence of an exchange-traded fund, the shortage of regulated investment products offering exposure to the worth of Bitcoin appears to be driving United States-based investors to take a position on the shares of prominent businesses operating within the digital asset sector. Today on 22nd March, Fundstrat’s vice chairman of digital asset strategy, Leeor Shimron, outlined that shares within the four-largest publicly-traded Bitcoin mining firms had outperformed Bitcoin by 455% on the average over the past 12 months. Commenting on the info to CNBC, Shimron, explained:
“Until a Bitcoin ETF is approved, investors may view public mining companies together of the sole ways to urge exposure to Bitcoin.”

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