The Cayman Islands reported company Kryptoin has on 15. October, a Bitcoin ETF application to the US securities Supervisory authority, the SEC filed. For the past two years, the Team working on the Bitcoin Fund. Now Kryptoin would like to receive as a first applicant, the SEC-approval.
Brigitte Bernhardt
24. October 2019BTC$7.440,44 -7.09%part Facebook Twitter LinkedIn xing mail
Should have the project’s success, this would be a milestone in the scramble to Bitcoin ETFs. Because so far, it has still managed not a provider, to convince the commissioners of the U.S. securities and exchange Commission. Although VanEck in September, went with a stripped-down ETF Version for selected investors to the market. However, the Investment company has withdrawn the of the SEC the present application, for the VanEck/Solid Bitcoin ETF in the meantime.
Meanwhile, another project is seeking approval by the SEC: The U.S. company Wilshire Phoenix has submitted a revised proposal, with Coinbase as administrator of the Bitcoin-assets. The Latter had to guarantee the availability of the BTC.
Meanwhile, the U.S. securities and exchange Commission rejected the Bitcoin ETF of Bitwise on 9. October from. After all, the applicant and other companies in the over 100 pages of justification of the SEC with valuable information for future applications can be found. Thus, it is assumed that with each new request, with the prospect of success is greater.
As concerns the SEC in the past called especially the strong volatility of the Bitcoin exchange rate, and the suspicion of price Manipulation. The security gaps, for example in the case of the custody of the Coins.
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Behind the Kryptoin Bitcoin ETF Trust, the former CEO of the World Gold Council and is the portfolio Manager of the SPDR Gold Shares, the largest physically backed exchange-are traded gold Fund in the world. These are since 2007 on the stock exchange of NYSE Arca to trade. The now introduced Bitcoin ETF, the Trust will also be on the NYSE Arca traded. The investment objective of the trust describe the applicant as follows:
The Kryptoin Bitcoin ETF Trust is an exchange-traded Fund that issues shares on the stock exchange of NYSE Arca, Inc. (the „Exchange“) traded. The investment objective of the trust is to achieve a commitment in Bitcoin at a price that corresponds to the actual Bitcoin market, where investors ‚ Bitcoin to buy and sell, minus the cost of the business activity of the trust.
For the determination of the course Kryptoin want to use the Bitcoin reference rate of the Chicago Mercantile Exchange Group.
Confidence and patience
Meanwhile, the makers due to the current critical attitude of the US securities and exchange Commission to Bitcoin ETFs cautiously optimistic in the future. So Jason Toussaint, head of the Department for exchange-traded products in Kryptoin is, on a longer-term process. In an Interview with the industry magazine, Coindesk, he describes the company’s expectations in light of the recent comments in the context of the Bitwise-Bitcoin-ETF-job as „realistic“.
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