NYDIG Files for a Bitcoin ETF, Lists Morgan Stanley as Participant
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

NYDIG Files for a Bitcoin ETF, Lists Morgan Stanley as Participant

February 17, 2021      Jafrin Ahmed

Financial services firm New York Digital Investment Group (NYDIG) has filed with the U.S. Securities and Exchange Commission for a bitcoin exchange-traded fund (ETF). The firm has also listed Morgan Stanley as the initial authorized participant in the ETF. The filing comes on the same day Bitcoin hit $50,000 for the first time ever.

NYDIG’s Filing for a Bitcoin ETF Registered the Day BTC Touched New ATH

The NYDIG Bitcoin ETF filing was filed with the U.S. Securities and Exchange Commission on February 16, 2021. The registration is a Form S-1 statement, that intends to distribute the common shares trade on NYSE Arca.

An ETF comes as advantageous as it trades on the stock market in the same way as popular shares of companies. This way, it makes cryptocurrencies more mainstream and accessible.

READ  Binance Futures Trading Platform To Have Bitcoin Options

The registration filing noted:

“The (NYDIG Bitcoin Trust’s) investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.”

NYDIG’s SEC filing for a bitcoin exchange-traded fund was registered the day BTC jumped to a new all-time high. For instance, the flagship cryptocurrency touched an average price of around $50,603 on the same day.

Morgan Stanley Named a Participant in Filing

The NYDIG Bitcoin ETF filing also included 9 pages dedicated to the risks involved with a bitcoin-based investment vehicle. A section of the filing read:

“Investment in the trust involves significant risks and may not be suitable for shareholders that are not in a position to accept risks related to bitcoin. The shares are speculative securities. their purchase involves a high degree of risk, and you could lose your entire investment. you should consider all risk factors before investing in the trust.”

The filing also indicated that the firm will be working with Morgan Stanley as an initially authorized participant. NYDIG has become the third firm to recently apply for a bitcoin ETF, following VanEck and Valkyrie.

READ  Countdown Begins for VanEck as SEC Acknowledges ETF Application
#Bitcoin ETF #Bitcoin Exchange Traded Fund #Morgan Stanley #New York Digital Investment Group #NYDIG
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.