BlockFi files for physically supported Bitcoin ETFs

BlockFi, a cryptocurrency lending company, has submitted a document to the US Securities and Exchange Commission (SEC) to launch a physically-backed Bitcoin exchange-traded fund, which will open an important week in the crypto market.

The BlockFi NB Bitcoin ETF’s S-1 form was submitted to the U.S. Securities and Exchange Commission on Monday, according to To the official document. The document pointed out that BlockFi will act as the custodian, and the investment objective of ETFs is to reflect the basic performance of Bitcoin, not any futures or derivatives benchmarks.

The document further states that “the trust will not directly buy or sell bitcoins, although the trust may instruct the custodian to sell bitcoins to cover certain fees.”

ETF listing news spread On cryptocurrency Twitter, there is speculation that the US Securities and Exchange Commission may approach its first physical Bitcoin ETF approval as early as this week.

Just like Bloomberg’s James Seyffart famous, The U.S. Securities and Exchange Commission’s decision on the highly anticipated VanEck spot Bitcoin ETF will expire this Sunday. “This will be the approval or rejection of the SEC,” he said, which means “no more delays.”

related: Why now? The U.S. Securities and Exchange Commission spent eight years authorizing Bitcoin ETFs in the U.S.

Last month, the U.S. securities regulator approved ProShares’ Bitcoin Strategy ETF, The country’s first BTC exchange-traded fund. However, the approval was accompanied by a warning that the price of the fund was pegged to BTC futures instead of spot prices.Soon after approving the ProShares fund, the U.S. Securities and Exchange Commission approved Valkyrie’s Bitcoin Strategy ETF, This is another futures-based product.

Although futures-based ETFs are not what Bitcoin purists are looking for, they have proven to be very popular among investors.As reported by Cointelegraph, ProShares’ ETF makes its debut The highest first-day natural trading volume ever More than 1 billion U.S. dollars.By the end of October, the agency manager has Purchased Bitcoin products worth more than 2 billion U.S. dollars This month, mainly due to the approval of the ETF.