Global X Joins Firms Filing ETF Application With SEC
22 Jul, 2021•1 min read•Regulation
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 has approved none. Some have had their formal application windows extended on more than one occasion. SEC Chairman Gary Gensler raised concerns before Congress about market manipulation in crypto and investor protection. Market manipulation has been raised as a key concern by the regulator in rejecting past bitcoin ETF applications.