SEC Is Reviewing Bitcoin ETFs from Fidelity, Skybridge
Key Takeaways
- The U.S. Securities and Exchange Commission is currently reviewing two applications for Bitcoin ETFs.
- Fidelity Investments and Skybridge Capital are responsible for the applications, which were filed this week.
- ETFs allow institutional investors to invest in an asset tied to Bitcoin’s value without actually holding Bitcoin.
The U.S. Securities and Exchange Commission is reviewing two applications for Bitcoin exchange-traded funds (ETFs).
Fidelity and Skybridge Under Examination
Based on a filing dated May 25, the SEC is examining a Bitcoin ETF request from Fidelity Investments. Fidelity plans to launch an investment vehicle called the Wise Origin Bitcoin Trust.
Fidelity previously filed documents related to its ETF in March; that news revealed the product would trade on Cboe’s BZX exchange.
A separate filing from May 21 also indicates that SkyBridge Capital is planning to launch its First Trust SkyBridge Bitcoin ETF Trust. This product would trade on the New York Stock Exchange.
There are approximately ten other ETF applications under review at the SEC, according to crypto news site Coindesk.
No Bitcoin ETFs In the U.S. Yet
To date, no Bitcoin ETFs have been approved within the United States. Previous attempts to file a Bitcoin ETF have been carried out by VanEck, NYDIG, and the Winklevoss twins.
Additionally, other countries have permitted ETFs. In February, Canada became the first North American country to approve a Bitcoin ETF. Other investment vehicles, such as Bitcoin exchange-traded products (ETPs), have also become popular in Europe.
ETFs and ETPs allow institutional investors to invest in an asset tied to the price of Bitcoin. This prevents the need for those investors to hold actual Bitcoin in a cryptocurrency wallet.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article
