Global X Joins Firms Filing ETF Application With SEC

Global X Joins Firms Filing ETF Application With SEC

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.
  • Source