Skybridge Capital, a New York investment company, has filed a Bitcoin exchange-traded fund (ETF) application with the U.S. Securities and Exchange Commission.
On March 19th, Tianqiao Capital cooperated with investment advisory company First Trust Advisors to submit a Bitcoin ETF application. First Trust will serve as fund advisor and Skybridge will serve as deputy advisor.
The document pointed out that Skybridge Capital Bitcoin ETF will seek to be listed on the New York Stock Exchange's high growth board market. The stock code of the fund has not yet been announced.
The document emphasizes that this trust fund will provide investors with a regulated way to gain exposure to Bitcoin without the need to regulate digital assets and allow investors to trade through brokers.
Skybridge Capital Bitcoin ETF is one of several Bitcoin ETFs currently applied for and is currently awaiting a ruling from the US Securities and Exchange Commission.
On March 11, New York-based asset management company WisdomTree submitted the latest Bitcoin ETF application. Previously, WisdomTree had tried to obtain approval to allow a fund to hold up to 5% of its portfolio in Bitcoin futures, although the fund will focus on energy and metals in mid-2020.
On February 16, Morgan Stanley, a major US investment bank, cooperated with NYDIG, a financial services company focused on cryptocurrencies, and submitted an application for a Bitcoin ETF. The proposed fund will only be open to investors who hold at least $2 million in assets in the company.
In January of this year, the SEC also received Bitcoin ETF applications from VanEck, the major issuer of exchange-traded products, and Valkyrie Digital assets, headquartered in Texas.
In the absence of ETFs, due to the lack of regulated investment products that provide bitcoin price exposure, American investors seem to have begun speculating in the stocks of well-known companies in the digital asset field.
On March 22, Leeor Shimron, vice president of digital asset strategy at Fundstrat, revealed that in the past 12 months, the stock prices of the four major Bitcoin mining companies have increased by an average of 455% higher than Bitcoin. Shimron commented on the data to CNBC:
"Before the Bitcoin ETF is approved, investors may see listed mining companies as one of the only ways to gain exposure to Bitcoin."