Kryptoin resumes bid to launch Bitcoin ETF

Kryptoin Investment Advisors has updated its filing with the SEC to launch a Bitcoin ETF based on the first cryptocurrency.

The initial filing was submitted to the regulator in October 2019. The development of the investment product was overseen by former chief executive of the World Gold Council (WGC) Jason Tussen, who now leads the firm.

The Kryptoin Bitcoin ETF Trust is designed to give investors exposure to Bitcoin using a price determined by the Chicago-based CME CF Bitcoin Reference Rate.

Earlier Kryptoin had planned to list the fund’s shares on NYSE Arca; in the updated filing, the proposed exchange is listed as Cboe BZX.

Gemini will provide digital-asset custody services for the Bitcoin ETF. In the previous version, the custodian was not specified.

Earlier, applications to launch a similar investment instrument with the SEC were filed by VanEck, WisdomTree, NYDIG, Bitwise and Valkyrie Digital Assets. In March, the regulator began evaluating the first of them.

After Canada became the first in the world to approve a Bitcoin ETF and its example Brazil followed suit, those seeking approval for a US-listed Bitcoin fund added SkyBridge Capital with First Trust Advisors and Fidelity Investments.

As reported, SEC Commissioner Hester Peirce said in January that the market was ready to launch an ETF based on the first cryptocurrency.

Morgan Creek CEO Mark Yusko expressed strong confidence that the regulator will ultimately approve such funds.