The New York-based exchange-traded fund (ETF) provider Global X has become the latest company to file for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Global X Files for Bitcoin ETF
Global X revealed plans to launch a Bitcoin ETF in a Form S-1 filing with the SEC on Thursday (July 21, 2021). According to the document, the ETF would be called Global X Bitcoin Trust.
The prospectus also notes that the Bitcoin ETF is sponsored by Global X Digital Assets, an affiliate of Global X Management and Mirae Asset Global Investments. If the SEC approves the Bitcoin ETF, the product will be listed on the Cboe BZX exchange. The company also said a ticker symbol for the fund will be available shortly before trading commences on the exchange.
An excerpt from the document reads:
“The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.”
Global X, founded in 2008, has about $30 billion in assets under management (AUM) in more than 80 different products. The ETF provider was acquired by South Korean financial services company Mirae Asset Financial Group in 2018.
Global X joins the list of companies who await a decision from the SEC for a Bitcoin ETF. In April, digital assets investment management firm Galaxy Digital submitted its application to the SEC to launch a Bitcoin ETF.
Meanwhile, the American securities regulator continues to postpone its decision on whether to approve or reject a Bitcoin ETF. Companies like VanEck had its Bitcoin ETF application delayed twice by the SEC, with the company urging the regulatory watchdog to consider approving a BTC ETF. Earlier in July, SkyBridge Capital also had its submission postponed till August 2021.
Crypto Mom Says Bitcoin ETF Approval Overdue
SEC Commissioner Hester Peirce, however, is not pleased with the Commission’s continuous delays and rejections, arguing that a Bitcoin ETF is overdue. According to Peirce, the bitcoin market was more mature, with increasing participation from retail and institutional investors.
While the U.S. is yet to get a BTC ETF, other countries have approved more than cryptocurrency-related ETFs. In Canada, regulators have given the go-ahead to three Bitcoin ETFs and four Ethereum ETFs. Also, Latin America’s first BTC and Ether ETFs came from Brazil.