New York-based fund manager Global X Digital Assets has joined the list of firms applying to file a bitcoin exchange-traded fund (ETF) in the U.S.
- The fund manager filed a proposal Wednesday with the Securities and Exchange Commission (SEC) to list the Global X Bitcoin Trust on the Cboe BZX Exchange.
- The ETF will reflect the performance of the price of the world's large cryptocurrency "less the expense of the Trust's operations," according to the filing.
- Custody for the bitcoin purchased by Global X will be provided by an unidentified custodian.
- The SEC is now reviewing more than a dozen similar applications, and hasn't approved any of them. Some have had their formal application windows extended on more than one occasion.
- In May, SEC Chairman Gary Gensler raised concerns before Congress about market manipulation in crypto and investor protection. Market manipulation has been cited as a key concern by the regulator when it rejected past bitcoin ETF applications.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.