{"id":305380,"date":"2021-07-22T13:32:34","date_gmt":"2021-07-22T10:32:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fund-management-firm-global-x-files-with-sec-for-bitcoin-etf\/"},"modified":"2021-07-22T13:32:34","modified_gmt":"2021-07-22T10:32:34","slug":"fund-management-firm-global-x-files-with-sec-for-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fund-management-firm-global-x-files-with-sec-for-bitcoin-etf\/","title":{"rendered":"# Fund management firm Global X files with SEC for Bitcoin ETF"},"content":{"rendered":"

“# Fund management firm Global X files with SEC for Bitcoin ETF <\/strong>”
\n<\/p>\n

New York-headquartered fund manager Global X Digital Assets has filed an app<\/a>lication for a Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission.\u00a0<\/p>\n

Filed<\/a> on July 21, the application indicates that the proposed Global X Bitcoin Trust \u2013 a Delaware statutory trust formed in mid-July of this year \u2013 would, if approved, trade on the Cboe BZX exchange. The Bank of New York Mellon would serve as the trust’s administrator. As per the filing:<\/p>\n

\u201cThe Trust\u2019s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust\u2019s operations. The Trust will not seek to reflect the performance of any benchmark or index.\u201d<\/p><\/blockquote>\n

Investors in the fund, or their authorized financial agents, would receive Bitcoin from the trust through an unnamed BTC custodian. While unnamed, Global X indicates that the custodian is a limited purpose trust company authorized by the New York State Department of Financial Services to provide digital asset custody services. The filing stipulates that the trust itself \u201cwill not purchase or, barring a liquidation or extraordinary circumstances described herein, sell bitcoin directly.\u201d<\/p>\n

Global X Digital Assets, the trust’s sponsor, is affiliated with Global X Management Company, also known as Global X, and Mirae Asset Global Investments. The latter, based in Seoul, South Korea,\u00a0manages assets worldwide whose value exceeded\u00a0$560 billion as of March 2021.<\/p>\n

Related: <\/em><\/strong>Grayscale \u2018100% committed\u2019 to turning GBTC into Bitcoin ETF \u2014 CEO<\/em><\/strong><\/p>\n

Earlier this week, Greg King \u2014 CEO of Osprey Funds \u2014 argued that the high number of Bitcoin ETF applications in the U.S. earlier this year contributed to Bitcoin\u2019s extraordinary 2021 bull run.\u00a0<\/p>\n

The SEC\u2019s persistent reluctance to approve a crypto ETF, alongside hawkish regulatory remarks in the U.S. regarding various crypto assets like stablecoins, has, for King, played a role in the coin\u2019s subsequent price downturn. King has suggested that 2022 would be the earliest the U.S. regulator would approve a BTC ETF application.<\/p>\n