SkyBridge Capital has filed for a Bitcoin exchange-traded fund


SkyBridge Capital has filed for a Bitcoin exchange-traded fund, or ETF, with the United States Securities and Exchange Commission (SEC).

SkyBridge Capital, a New York-based investment firm, filed for the right to launch a Bitcoin exchange-traded fund or ETF. The firm filed its application with the United States Securities and Exchange Commission (SEC) on March 19.

Skybridge Capital and its founder Anthony Scaramucci are very interested in Bitcoin, and the interest has increased even more after the successful launch of the Skybridge Capital Bitcoin Fund company. In late February, Scaramucci said that he expects a bitcoin price of 100K this year in an interview.

The documents say the First Trust SkyBridge Bitcoin ETF will seek to list its shares on the New York Stock Exchange Arca. A ticker symbol has not yet been announced for the fund.

The filing emphasizes that the trust will provide a regulated way for investors to gain bitcoin exposure without having to custody the digital asset and allow investors to execute trades through their brokers.

According to the S-1 filing, SkyBridge will be the ETF sub-advisor, and First Trust Advisor would be the advisor. The shares will be offered through the NYSE Arca platform. The prospectus explains the objective of the product as follows:

“The Trust’s investment objective is for the Common Units to reflect the performance of Bitcoin less the liabilities and expenses of the Trust. The trust will not seek to reflect the performance of any benchmark or index.”

The two companies join a waiting list of other firms, including NYDIG, Valkyrie, and Vaneck, that have reportedly filed applications. Vaneck was the first to apply for a bitcoin ETF late last year, followed by Valkyrie and NYDIG in January and February, respectively. Earlier this month, asset manager WisdomTree also applied for such an ETF. Grayscale has also recently indicated that they plan to launch a bitcoin ETF product.

Leave a Reply

Your email address will not be published. Required fields are marked *