December 4, 2021

BlockFi Applies For Spot Bitcoin ETF

BlockFi Applies For Spot Bitcoin ETF

Landing company BlockFi has filed an application with the SEC to launch a physically backed Bitcoin ETF.

In the application it is stated that the BlockFi Trust "will not buy or sell bitcoin directly, although the trust may order the custodian to sell bitcoin in order to cover certain costs."

This month, the commission is due to announce a decision on another spot ETF from VanEck.

ETF (Exchange Traded Fund) is a reliable and convenient way of investing that is available to everyone. ETF shares can be traded on the stock exchange like regular securities.

Investing in Bitcoin ETFs is safer and more convenient for many than buying it on the exchange. No need to start a wallet, go through KYC, worry about hacks or scams.

Bloomberg journalist James Seyffart believes the SEC will announce the VanEck ETF decision this Saturday. He expects "it will be approval or rejection - no more delays."

Last month, the regulator approved ETFs from ProShares and Valkyrie. These funds are tied to bitcoin derivatives rather than physical bitcoins, but even the launch of futures ETFs caused the price of BTC to skyrocket.

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