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BlockFi Jumps Into Bitcoin ETF Race

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Fri, 10/08/2021 - 19:30
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Alex Dovbnya
The SEC is widely expected to approve a Bitcoin ETF this October
BlockFi Jumps Into Bitcoin ETF Race
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Cryptocurrency lender BlockFi has filed with the U.S. Securities and Exchange Commission to launch a futures-based Bitcoin exchange-traded fund in the U.S.

If approved, its shares will be trading on Cboe BZX Exchange.

The fund will not invest directly in Bitcoin:

The fund seeks to invest in bitcoin futures so that the total value of the bitcoin to which the fund has economic exposure is equal to approximately 100% of the net assets of the fund.  

A slew of analysts expects the SEC to finally approve a futures-based Bitcoin ETF this October.

Related
JPMorgan Names 3 Reasons Why Bitcoin Recently Hit $55K
As reported by U.Today, the agency might simultaneously greenlight four applications by the end of the month.

In July, BlockFi appeared in regulatory crosshairs, with multiple states accusing it of offering unregistered securities.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.