TL;DR Breakdown
- Global X Digital Assets is waiting for the reply of the SEC for the request of the BTC ETF.
- Global X Bitcoin Trust has been proposed to start with its initial trading with the Cboe bZx platform.
- The Trust formed this year in July will have The Bank of New York Mellon administering its activities.
Bitcoin is currently torn apart by the market of bears for multiple weeks now. People claim that it might fall more, and some analysts place it above $100K by the end of the year. While the confusion is prevailing in the market, the demand for Bitcoin ETC is still on the rise.
Global X Digital Assets, a prominent fund management firm in the beautiful city of New York, is the most recent applicant with the SEC. The firm sought permission from the financial regulator for a Bitcoin ETF, technically called an exchange-traded fund.
Global X Bitcoin Trust was formed under Global X Digital Assets
In mid-July, the Global X Bitcoin Trust was founded by the Global X Digital Assets to facilitate its BTC ETF. Once approved by the SEC, the Trust that is based in Delaware will be administered by The Bank of New York Mellon.
As for its trading, the Trust will be supported on the Cboe bZx exchange. According to the statements, the ETF won’t be a reflection of any kind of benchmark but will only be a mirror to the price of BTC and its volatility.
Rising demand for the Bitcoin ETF
The Global X Digital Assets aren’t the only ones to express their want for a Bitcoin ETF. Another organization, Osprey Funds, has been waiting for its approval for a Bitcoin ETF.
The CEO of the organization, Greg King, claims that the bull run of 2020 and 2021 that we all witnessed was indeed a representation of the huge demand for Bitcoin ETC. He also claimed that the delay of SEC in approvals caused the fall of the crypto market that we are facing now.
We still don’t know if the financial regulator might be acting this year towards approving an ETF. It might take time for the regulator to do so with various people dating the approval for next year.
