First Advisors, SkyBridge Capital Submit Bitcoin (BTC) ETF Filing with SEC
First Advisors and SkyBridge Capital have jointly filed for a bitcoin (BTC) ETF in the U.S.
U.S. Companies Continue to File for BTC ETF
As neighboring countries such as Canada, and Brazil approve their first bitcoin ETFs, all attention is on the U.S. anticipating when the country’s financial regulators will green-light an ETF for the world’s largest cryptocurrency by market cap.
In that regard, a pair of finance companies – First Advisors and Anthony Scaramucci’s SkyBridge Capital have joined forces to attempt to win approval for a BTC ETF in the U.S.
According to the prospectus published on Friday, the First Trust SkyBridge Bitcoin ETF Trust is aimed toward the following:
“The investment objective of the Trust is for the Common Shares to reflect the performance of bitcoin less the Trust’s liabilities and expenses.”
Notably, First Advisors will serve as the advisor to the trust while SkyBridge Capital will serve as sub-advisor for the proposed ETF.
It is worthy of note that a growing number of companies in the U.S. have recently filed with the country’s financial regulator in hopes of being able to launch a regulated BTC ETF.
Earlier this year in January, BTCManager reported that popular asset manager VanEck had applied for a digital asset ETF with the U.S. SEC.
Similarly, in February, BTCManager reported that NYDIG – a bitcoin-focused company providing digital asset services to financial institutions had submitted S-1 documents with the SEC for a bitcoin ETF.
On a more recent note, the largest digital assets custodian, Grayscale Investments hinted that it is making active plans to launch a bitcoin ETF.
Will the U.S. Catch Up?
As mentioned earlier, a number of countries across the world have already approved regulated digital asset ETF’s to give both institutional and retail investors exposure to the price movements of cryptocurrencies.
In December 2020, the world’s first Ethereum-based ETF went live after Canada’s pre-eminent digital asset manager 3iQ Corp. raised $75 million and listed the new ETH ETF on the Toronto Stock Exchange.
Similarly, in January 2021, Swiss stock exchange SIX revealed the listing of a new Bitcoin ETF from a financial firm called ETF Group.