Asset management company Kryptoin Investment Advisors submits a new SEC to the US Securities and Exchange Commission (SEC) An application to launch an exchange-traded fund (ETF) for bitcoin.
The document states that the new fund willbargain on the NYSE Arca. In this case, the price of bitcoin will be calculated according to the estimated index of the underlying asset of the Chicago Mercantile Exchange (CME). Cryptocurrency will be stored in a third-party custodian service, the name of which is not communicated.
“The fund is created in order to provideaccess to bitcoin at a price that reflects the real bitcoin market. Investors will be able to buy and sell bitcoin at this price, minus the costs of trust operations, ”the application says.
At the same time, ETF buyers will not operate with bitcoins themselves, but will buy shares of the fund on the exchange. Access to Bitcoin ETFs will only be granted to accredited investors.
Interestingly, the head of ETF'sKryptoin is Jason Toussaint, the former managing director of the World Gold Council and the former asset manager of one of the world's largest gold ETFs SPDR Gold Shares.
It was recently reported that Wilshire Phoenix and the exchangeNYSE Arca updated their ETF bid. In contrast to the previous document, a regulation has now been prescribed, according to which Coinbase Custody will confirm the availability of assets for the trust within five days after the monthly balancing.