NYDIG is the custodian for the proposed bitcoin exchange-traded fund (ETF) from First Trust Advisors and SkyBridge Capital, according to regulatory documents.
The New York-based institutional bitcoin powerhouse is named as “bitcoin custodian” in a Thursday filing update with the U.S. Securities and Exchange Commission (SEC). When First Trust and Anthony Scaramucci’s SkyBridge originally applied in mid-March they left the custodian’s identity blank.
No bitcoin ETF has been approved by the SEC.
ETFs give investors the ability to ride the upside of assets without holding the underlying assets themselves. In the bitcoin context, they will also likely spell lower fees than existing Wall Street–friendly vehicles such as CoinDesk sister company Grayscale's GBTC.
NYDIG did not immediately comment.
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