The latest reports show that New York-based investment firm SkyBridge Capital has filed for a bitcoin (BTC) exchange-traded fund (ETF), with the US Securities and Exchange Commission (SEC).
On March 19, SkyBridge submitted the filing in partnership with its investment advisor First Trust Advisors. First Trust is expected to act as the fund’s advisor and Skybridge serving as sub-advisor.
The filed documents say that the First Trust SkyBridge Bitcoin ETF will aim to list its shares on the New York Stock Exchange Arca. A ticker symbol has not yet been published for the fund.
This filing insists that the trust will offer a regulated way for the investors to gain some exposure to BTC without having to custody the digital asset, and enable investors to execute trades via their brokers.
Other Bitcoin ETF Applications
The First Trust SkyBridge ETF Trust joins several other applications for a BTC ETF that is currently waiting for the verdict from the Securities and Exchange Commission.
On March 11, New York-based asset manager WisdomTree filed its most recent application for a Bitcoin ETF, after an attempt to get a fund authorized that would hold up to 5% of its portfolio in BTC futures despite its focus on energy and metals in mid-2020.
Leading United States investment bank Morgan Stanley filed for a BTC ETF in partnership with the crypto-focused financial services company NYDIG on February 16. The highlighted fund would be exclusively available to the investors that hold more than $2 million in assets with the company.
In January 2021, the SEC also received other Bitcoin ETF applications from Texas-based Valkyrie Digital assets and exchange-traded product-issuer VanEck.
There is no exchange-traded fund available in the United States. Without it, the lack of regulated investment products offering extensive exposure to the bitcoin price seems to be pushing U.S.-based investors to speculate on the shares of big businesses operating in the digital asset industry.
Leeor Shimron, Fundstrat’s vice president of digital asset strategy, revealed on March 22 that shares in the 4-biggest publicly-traded BTC mining companies had surpassed bitcoin by 455% on average in the last 12 months. While commenting on the data, he said:
“Until a Bitcoin ETF is approved, investors may view public mining companies as one of the only ways to get exposure to Bitcoin.”
