Lending company BlockFi has filed with the SEC to launch a physically backed Bitcoin ETF.
The filing states that the BlockFi Trust “will not purchase or sell Bitcoin directly, although the Trust may direct the custodian to sell Bitcoin in order to cover certain expenses.”
The commission is expected to issue a decision this month on another VanEck spot ETF.
ETF (exchange traded fund) is a reliable and convenient way of investing that is available to everyone. ETF shares can be traded on the exchange like ordinary securities.
Investing in a Bitcoin ETF is safer and more convenient for many than buying it on the exchange. There is no need to create a wallet, go through KYC, or worry about hacks or scams.
Bloomberg journalist James Seyffart believes that the SEC will announce a decision on the VanEck ETF this Saturday. He expects that “it will be an approval or a refusal - no more delays.”
Last month, the regulator approved ETF from ProShares and Valkyrie.. These funds are tied to bitcoin derivatives, not physical bitcoins, but even the launch of futures ETFs triggered a surge in the price of BTC.
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