Which Bitcoin Space ETFs are you currently applying for?

Starting in 2018, startups and investment banks continued to push the Bitcoin ETF process, and in October 2021, the ProShares BTC Futures ETF finally landed. This article describes where Bitcoin ETFs currently apply and is packed with banking investments, property management, and financial performance. Bitcoin ETF applicants have also moved from start-ups to established financial firms with extensive ETF experience.

This sentence was picked up by Decrypt, translated and published by Fenbushi Capital, written by a thief.

Since the first application for US Bitcoin ETFs in 2013, Bitcoin ETFs have become the holy grail of the crypto community.

ETFs are publicly traded assets that track the value of an underlying asset. In the case of the Bitcoin ETF, the asset is Bitcoin. Supporters of his case have worked to make the actual transcript of this statement available online.Bitcoin ETFs allow these traders to gain exposure to Bitcoin without having their own cryptocurrency.

Bitcoin ETFs have popped up all over the world, including Canada, Brazil, and Dubai, and they all have trading products. In October 2021, ProShares Bitcoin Futures ETF was listed on the New York Stock Exchange.

However, so far the US SEC has rejected all Bitcoin Spot ETF requests that directly impact Bitcoin rather than futures. The US SEC reiterated that the risk of spot ETFs is that cryptocurrency traders can control the market.

The Bitcoin ETFs currently in demand are:

from you me

VanEck is one of the first applications for Bitcoin ETFs. The first Bitcoin ETF launched in 2018 is the VanEck SolidX Bitcoin Trust in partnership with SolidX.

Although the request was dropped in September 2019, VanEck also tried a second time. In December 2020, an application was submitted to the SEC for the VanEck Bitcoin Trust, and the trusted entity will be traded on the Cboe BZX exchange.

It should be noted that VanEck filed the request two days after SEC Chairman Jay Clayton resigned. In an interview with CNBC in 2019, Clayton ignored the outlook for the Bitcoin ETF. He noted that despite concerns over temporary easing, the cryptocurrency market still has an impact on price control and that “offshore exchanges” cannot offer the same level of protection as the US stock market. "

But if VanEck thinks a change in SEC chairman would change the situation, he would be disappointed. The SEC has postponed consideration of VanEck's second Bitcoin ETF submission and recently extended the August deadline. At that meeting, the SEC asked the public for comment on the following issues:

1. Are ETFs victimized?

2. Has the cryptocurrency industry changed since 2016?

3. Is Bitcoin transparent?

(On October 20, VanEck's Bitcoin Futures ETF was approved. The SEC cleared the bank after October 23. The transaction will begin immediately after the effective date, or the printing of transactions will begin next week. .)

Valkyrie Investments

For this tender, real estate company Valkyrie applied for the Bitcoin ETF in January 2021. The ETF addressed the price of Bitcoin in Chicago and was traded on the New York Stock Exchange. "This move will make it more profitable for investors to use various investment strategies," the company wrote in its recommendation.

In the data, Valkyrie indicated by default that the volatility of the cryptocurrency was a top concern for the SEC. The company said in its risk assessment that "the potential risk of failure of this Bitcoin product could negatively impact the value of its stock."

NYDIG/Stone Ridge

The New York Digital Investment Group and consultancy firm Stone Ridge quickly seized the opportunity led by the SEC leadership, making it the second ETF to submit a nomination to the board of directors in 2021. February 16 is a good day for submitting a Bitcoin application, when the price of Bitcoin first hits $ 50,000. Since then, the US SEC has remained silent. He reported a delay in reviewing other applications, but has yet to release the results of the NYDIG's review.

tree of knowledge

New York-based asset manager WisdomTree already has experience managing Bitcoin ETFs, launched their product on the Swiss stock exchange in early 2019 and is one of six exchanges. In March 2021, he applied to join the US Bitcoin ETF Candidate List and filed an S-1 application with the SEC for listing on the Cboe bZx exchange under the stock code BTCW.

Although the SEC has repeatedly postponed it since then, this is the first time regulators have announced that it will take longer to seek public approval of the proposal and consider "the matter." In the comments. In September 2021, the most recent US SEC statement indicates that the regulator will make the final decision on the Wisdom Tree Bitcoin Trust app on December 11, 2021.

Skybridge Capital

In March 2021, hedge fund SkyBridge Capital submitted a Bitcoin ETF application to the SEC. The company is led by former White House communications director Anthony Scaramucci, who previously managed the Bitcoin currency, and products are open to eligible investors with a minimum investment of $ 50,000. Just weeks after the January 2021 announcement, its size reached $ 370 million.

That same month, Scaramucci was delighted that the Bitcoin ETF would be approved by the end of 2021. He said. Later we will be at the end of the year. Previously, I created a Bitcoin ETF. "

In May, the NYSE submitted a request for a policy change, hoping that the SkyBridge Capital Bitcoin ETF should go public. In early July, the SEC extended the review period for the SkyBridge Bitcoin ETF to August 25.

Founder Anthony Scaramucci

Loyalty / wise origins

Since March 2021, Bitcoin ETF applications have been in full swing, including Fidelity Group's Wise Origin Bitcoin Trust. It's not surprising. Just a few weeks ago Jurrien Timmer, director of Global Macro, said that Bitcoin has "extraordinary value" compared to gold. The Wise Origin Bitcoin Trust app is administered by Fidelity Service Company Inc. and Fidelity Digital Assets manages Bitcoin assets in ETFs.

In May 2021, Cboe Global Trading submitted a petition to collect Fidelity's Bitcoin ETF, claiming that increased cooperation with investors and crypto entities "promotes the growth of the Bitcoin trading ecosystem." That same month, the SEC's regulatory concerns were "fully disclosed" and they began reviewing loyalty claims.

Cryptoïne

In October 2019, Delaware-based Cryptoin made its first attempt to apply for a Bitcoin ETF, and the Crypto Bitcoin ETF Trust application will be listed on the New York Stock Exchange. In April 2021, the venture capital firm will be listed on Cboe's BZX exchange with revising the trust plans in a second try. The updated data lists vendors supporting the ETF announcement, including the Gemini cryptocurrency exchange which will provide monitoring services.

The SEC has postponed the decision until July 27, 2021, after reviewing legal application at the end of that month. The SEC statement of June 9 said that “the Commission is committed to implementing the change policy over a longer period of time in order to allow sufficient time to consider the changes and accepted recommendations.

The SEC again extended the decision deadline to September 2021, and the revised date was December 24, 2021. The SEC announcement at that time said there should be an extension to "review policy changes and issues raised in the proposal. "

Digital galaxy

In April 2021, cryptocurrency investment firm Galaxy Digital applied for the Bitcoin ETF, which is already the 8th application for Galaxy Digital. The Galaxy Bitcoin ETF concept is listed on the NYSE. Galaxy Digital manages over $ 400 million in assets and is one of the largest holders of Bitcoin.

The founder of billionaire Galaxy Digital, Mike Novogratz, shares his thoughts on the SEC's refusal to accept Bitcoin ETFs at the 2021 Ethereum summit. It is believed that under the leadership of the Trump administration, the SEC has enabled the trust Bitcoin grayscale GBTC to thrive. Novogratz estimates that the GBTC allows consumers to buy Bitcoin at a rate of 20-30%, which is determined by the hedge rate as the closing rate, which is "not good for consumers." In exchange, Bitcoin ETFs would be a more attractive solution.

Arch Investments

Ark Invest, an investment company led by Cash Wood, applied for the Ark 21 Shares ETF in June 2021. ARK Invest is partnering with Swiss ETF provider 21Shares AG to provide the ARK 21Shares Bitcoin ETF. Once approved, you can access Cboe's BZX exchange with the stock code ARKB.

It is also the first company to announce a price on the Bitcoin ETF, and the submission says it plans to pay a rate of 0.95% in 21 weeks to cover its operating costs.

Ark Invest has invested in cryptocurrency exchanges Coinbase, GBTC, and the Square payment processor. And Square has over 8,000 Bitcoins on its balance sheet and has a one-time impact on Bitcoin. There is no doubt that CEO Cash Wood is a supporter of Bitcoin. It is believed that cryptocurrencies represent a "new asset" and can become a treasure.

Global X

The current participant of the Bitcoin ETF tracker is GlobalX Digital Products, a financial services company that managed $ 31 billion in assets and filed with the SEC in July 2021. If approved, the GlobalX Bitcoin Trust concept will be traded. on the Cboe BZX exchanges with trusted agents selected by the Bank of New York Mellon.

GlobalX's portfolio includes 84 ETFs, including technology refineries, equity returns, commodities and emerging markets. It was reported that the Trustee is a limited trust entity in New York State that guarantees the management of digital assets, but has not disclosed any stock or individual rights.

September 2021 GlobalX Bitcoin Trust is one of four Bitcoin ETFs (including an Application Bitcoin Futures ETF) to be solicited, with deadlines extended by the SEC. The governing body has announced that the change date is November 21, 2021, during which time it will approve or disapprove the request.

a river

Wonibur Asset Management started competing for Bitcoin ETFs in May 2021 and used the carbon neutral Bitcoin trading fund. As a result of researching Bitcoin's energy consumption and the growth of the carbon footprint, One River has promised to buy and renew the carbon credits it needs for Bitcoin holdings from the pressure of its deposits from its orbit around Moss Earth to disrupt its carbon footprint.

One River also worked hard to get its SEC approval application, including hiring SEC Chairman Jay Clayton as a consultant. Clayton joined the company before filing for the Bitcoin ETF, was the head of the SEC, and rejected all Bitcoin ETF applications.

FNB Invesco Galaxy Bitcoin

On September 22, 2021, Galaxy Digital and Invesco filed a joint application for a product called Invesco Galaxy Bitcoin ETF. According to this data, ETFs will be "physically back" from Bitcoin, and not from similar devices in the future. Although Invesco Capital Management LLC is behind the request, it is not yet clear who is responsible.

The sponsor is a wholly owned subsidiary of Invesco Ltd. The company is also the fourth largest ETF in the United States, and these certifications can help your application succeed. John Hoffman, Director of U.S. ETF Strategy at Invesco, said: “For those who have been in the ETF business for a long time, Bitcoin ETFs are like the first stages of ETF growth in the 1990s and early 1990s. 2000s, ”said John Hoffman, director of US ETF strategy at Invesco.

The launch of Bitcoin ETF marks the first step in the future of crypto ETFs.

shades of grey

The Grayscales GBTC Bitcoin Trust manages over 650,000 BTC (valued at over US $ 40 billion today) and cheekily hopes to improve confidence in a mature Bitcoin ETF. In October 2021, we started this process and submitted our change request.

If this request is accepted, Grayscale will pay a lower fee and make it easier to access and withdraw the funds. Greyscale first requested a Bitcoin ETF released in 2016, but withdrew its request a year later. "

The lack of mature Bitcoin ETFs creates problems for the grayscale market and bitcoin in general. Replacing BTC ETF with GBTC can meet most Bitcoin requests from US institutions. However, sometimes these commodities are traded at a negative price, each stock is priced below the base Bitcoin, the currency does not allow the stock to trade for Bitcoin itself, and the industry cannot. solve this problem.

Once a Bitcoin ETF is approved, traders can redeem the commodity at any time. This can help avoid bad prices and keep products afloat with their bottom line.

Greyscale laid the groundwork for Bitcoin ETFs for quite some time. This includes hiring ETF experts and contracting BNY Mellon to provide services to GBTC. If the grayscale stocks become future ETFs, BNY Melon will provide exchange and ETF services.

The road is blocked and long.

Bitcoin ETFs have a long way to go. The SEC has postponed it since the Winklevoss brothers first sought similar trust in Bitcoin ETFs in 2013. It has postponed the approval of several Bitcoin ETFs in recent years, forcing companies like VanEck to withdraw their requests for fear of being rejected.

A major concern of the SEC regarding the approval of Bitcoin ETFs is the lack of transparency in information exchanges, regulatory transactions, and other assets that are regularly traded with Bitcoin. There is also the problem of the inefficiency of the market.

Companies starting to apply for ETFs (like Winklevoss Twins)He has a lot of money, but it's still a start.. He said that "the new candidates are ready to take on these challenges," he said.The SEC previously worried that applicants had no previous experience in the ETF market.. How to synchronize the unpredictable cryptocurrency market with the stock market, especially by ETF structure. He added that Bitcoin ETFs wouldn't be any different from other ETFs if they had led the way.

In August 2021, Gary Gensler, director of the United States Securities and Exchange Commission (SEC), joined the debate and said he was "particularly looking forward" to the SEC's review of ETFs (CME ). He hinted that the SEC preferred Bitcoin Futures ETFs over ETFs that actually hold Bitcoin.This has led to an increase in applications for Bitcoin Futures ETFs, followed by Galaxy Digital and VanEck.

In September 2021, Gensler already expressed interest in Bitcoin futures ETFs at the “Future of North American Asset Management” conference organized by the Financial Times. At the Chicago Board of Trade (CME) earlier this year, Gensler said that many companies that have invested in Bitcoin futures trading have started open joint ventures.

The SEC chief noted that regulators have received several requests for Bitcoin Futures ETFs in accordance with the Securities and Exchange Commission Act of 1940. In total security, it will provide protection to major investors for joint ventures and ETFs, ”said Gensler added. "We look forward to reviewing this information by the administration."

In October 2021, after a long hiatus, the first Bitcoin Futures ETF finally went public on the New York Stock Exchange. The ProShares BTC Futures ETF almost broke the market record for the first ETF trade.The first-day packaging market was in the neighborhood of $ 1 billion.Even if at least one competitor cancels their campaign, the announcement from ETF ProShares could open the door to further flooding of the Bitcoin market. Hours before the announcement of the ETF ProShares BTC Futures, Invesco dropped its call for the ETF.

Global Bitcoin ETFs

While America is in decline, other countries are still exploring. There are currently several Bitcoin ETFs in countries like Canada and Brazil. Many European stock exchanges also have similar financial instruments, the exchange rate (ETN). Despite repeated denials and delays, the crypto industry still shows promise. In July 2021, cryptocurrency exchange Coinbase also reiterated that Bitcoin ETFs are "all about timing."