Once again, several institutions are lining up to offer cryptomorphic ETFs, but will the SEC overcome its historical reticence?
Valkyrie applies to make an ETF and the ‚ETF race‘ starts up againNOTÍCIAS
In a move that could give experienced 2018 investors flashbacks, Valkyrie Digital Assets is the latest asset management firm to register an application with the SEC to make a Bitcoin ETF – an offering that joins a packed field of potential fund managers seeking to capitalize Bitcoin Hero on renewed retail interest in cryptomoints.
Filed on Friday, the Texas-based family fund proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange. The application did not include a possible trading code.
If the story is any indication, however, the chances of the deposit leading to a tradable fund are minimal. During the last Bitcoin bullish cycle, several companies tried to win this race. At least nine entities submitted bids for a Bitcoin ETF with the SEC, including ETF giants VanEck and Direxion, as well as Gemini, the cryptomino services company formed by Cameron and Tyler Winklevoss.
In an earlier interview with the Cointelegraph, Kryptoin CEO Donnie Kim, whose company filed an ETF application in October 2019, said the SEC has long been hesitant to move forward with the proposals.
„Right now, the commission is listening and learning about this new asset class and they are in a waiting pattern, partly to understand the consequences of existing products on the market and partly to seek more guidance in the current political arena,“ Kim said.
Despite the commission’s historical reticence, as retail interest in cryptomorphs skyrockets, fund managers are once again calling for them to be the first to offer an ETF product.
On Thursday, January 21, gold ETF giant VanEck – which was the first company to apply for a Bitcoin fund – applied to form a Digital Asset ETF, which would track the performance of the Global Digital Assets Equity Index of cryptomotic service companies.
Although American ETFs are hard to find, other publicly traded products are flourishing. Options for traders include a Swiss Bitcoin ETP, a variety of Grayscale products that may be expanding to include Chainlink in the coming months, and an ETF Ethereum in Canada that has proven so popular that trading had to be stopped at its premiere.