Global X Digital Assets, a fund manager headquartered in New York, has submitted a Bitcoin application (Bitcoin) Exchange-traded funds (ETF) and the US Securities and Exchange Commission.
Archive On July 21, the application stated that the proposed Global X Bitcoin Trust (a Delaware statutory trust established in mid-July of this year) would be traded on the Cboe BZX exchange if approved. The Bank of New York Mellon will act as the trustee. According to the record:
“The trust’s investment objective is to reflect the performance of the bitcoin price minus the trust’s operating expenses. The trust will not seek to reflect the performance of any benchmark or index.”
Investors of the fund or their authorized financial agents will obtain bitcoins from the trust through an unnamed BTC custodian. Although not named, Global X stated that the custodian is a limited-purpose trust company authorized by the New York State Department of Financial Services to provide digital asset custody services. The document stipulates that the trust itself “will not buy or sell bitcoins directly unless it is liquidated or the special circumstances described here.”
The sponsor of the trust, Global X Digital Assets, is affiliated with Global X Management Company (also known as Global X) and Mirae Asset Global Investments. The latter is headquartered in Seoul, South Korea, manages global assets, and as of March 2021, its value exceeds US$560 billion.
Earlier this week, Greg King, CEO of Osprey Funds, believed that the large number of Bitcoin ETF applications in the United States earlier this year Contributed to the extraordinary bull market for Bitcoin in 2021.
The SEC has been reluctant to approve crypto ETFs, and U.S. hawkish regulatory speech Regarding various encrypted assets such as stablecoins, for King, they played a role in the subsequent price drop of the currency. King stated that 2022 will be the earliest time for US regulators to approve BTC ETF applications.