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Global X ETFs, a New York-based Exchange Traded Fund provider, has amended its filing for a spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC), bringing the hype back surrounding the product. As shared by Bloomberg ETF Analyst James Seyffart, the amended filing shows the Global X Bitcoin Trust will trade on the Cboe BZX exchange if approved.
The amended Bitcoin ETF filing also shows the asset will track the performance of BTC, minus the trust's expenses and other liabilities. To confirm its full embrace of Bitcoin, Global X noted that the trust will invest directly in the cryptocurrency and that the value of its shares will be determined daily using the Coindesk Bitcoin Price Index (XBX).
While Global X said it is sponsoring the Trust, it has named the Delaware Trust Company as its exclusive trustee, while Coinbase will help safeguard the acquired Bitcoin on behalf of the firm.
The amendment underscores the readiness of Global X to dance to the SEC's tune as it relates to the Bitcoin ETF and to position itself among the applicants whose chances of approval have soared since amending their filings.
Is age of Bitcoin ETF here?
The race to get a spot Bitcoin ETF in the United States is one that has been on since 2013, when the Gemini Twin brothers submitted the first filing. Despite other countries breaking the milestone with this product, the U.S. has remained adamant, citing concerns about market manipulation.
The tide is changing this time, with the likes of BlackRock and Fidelity now intensifying their push to get this product listed. The SEC has been quite forth coming, with Ark Invest's Cathie Wood acknowledging that the regulator's communication style this time spells a good omen that shows the age of spot Bitcoin ETF approvals might be just around the corner.