BlockFi files for launch of a spot Bitcoin ETF

BlockFi, a crypto-lending platform, filed an application with the SEC to launch Bitcoin ETF with physical backing in accordance with the Securities Act of 1933.

The document states that the dynamics of BlockFi NB Bitcoin ETF will better reflect the price movements of the leading cryptocurrency than any futures-based benchmark.

By November 14, the SEC must issue a decision on VanEck’s application to launch a spot Bitcoin ETF. A second extension of its review period is not allowed. Bloomberg believes the firm will be denied, but the wording of the denial could shed light on the regulator’s views of the Bitcoin market.

We fully expect a denial based on recent comments from SEC/Gensler. Would be shocked if VanEck’s filing is approved (despite believing it *should* be approved). BUT, the denial letter should give us insight into SEC’s current views/opinions on underlying #Bitcoin market

— James Seyffart (@JSeyff) November 8, 2021

In October, BlockFi filed an application to launch a Bitcoin futures ETF.

The filing became the seventh to consider the latest SEC recommendations. The Commission has already approved similar applications from Valkyrie Investments and ProShares.

In October the SEC extended the review period for four applications to launch ‘physical’ Bitcoin ETFs from Global X, WisdomTree, Kryptoin Investment Advisor and Valkyrie Investments.

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