NYDIG files to launch Bitcoin ETF

The institutional-focused platform New York Digital Investment Group (NYDIG) has filed an application to launch an exchange-traded fund based on the first cryptocurrency. This is evidenced by information on the SEC’s site.

In the event of approval, the ETF listing would take place on the NYSE Arca, and the fund’s authorized participant would be the American financial conglomerate Morgan Stanley. The company’s divisions—NYDIG Asset Management LLC and NYDIG Trust Company LLC—will serve as sponsor and Bitcoin custodian, respectively.

“The investment objective of the trust is to reflect the price dynamics of Bitcoin, net of the organization’s operating expenses,” the document states.

Apart from NYDIG, since early 2021 the Commission has received similar applications from VanEck and Valkyrie Digital Assets. Throughout the crypto industry’s history, the American regulator has yet to approve a single Bitcoin ETF.

What is a cryptocurrency ETF?

Earlier, NYDIG representatives projected growth in assets under management from $6 billion to $25 billion.

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