The financial services company directed by Jason Toussaint, Kryptoin chose to refile an application for a Bitcoin ETF with the Security and Exchange Commission (SEC). There are a total of eight ETF applications on the desk of SEC, including the newly added Wisdom Tree proposal.
An asset manager focused on crypto investment products, Kryptoin, has re-filed for a BTC ETF for the second time. Back in 2019, the asset manager attempted to file the ETF for the first time.
Kryptoin proposed “Kryptoin Bitcoin ETF Trust '' that year, which is listed on NYSE Arca, which has now been changed to Cboe’s BZX Exchange.
However, the US regulators have not green signaled the BTC ETF yet, depriving the US-based crypto traders of retail-friendly, convenient investments that emphasize the volatile asset.
The approval of an ETF seems to be increasingly plausible, if not likely. VanEck, NYDIG, Anthony Scaramucci’s SkyBridge Capital to name a few are among the eight pending applications for the Bitcoin ETF in the row. A BTC ETF should hew closer to the price of the underlying digital asset.
From the latest, the CEO of Morgan Creek Capital Management reported saying that the BTC ETF is “going to happen”. Canada and Brazil already own Bitcoin ETFs.
Grayscale Bitcoin Trust for now is the top dog in the realm of US-based crypto investment products. On one hand where an ETF functions like a stock, Grayscale’s Trust locks investors into holding shares for months. This allows GBTC to trade at a discount for over a period of a month. Grayscale, has also mentioned its plans for a proper ETF.