New York-based investment firm SkyBridge Capital has filed for a Bitcoin exchange-traded fund, or ETF, with the United States Securities and Exchange Commission. SkyBridge submitted the filing on March 19 in partnership with investment advisor First Trust Advisors. First Trust will act as the fund’s advisor, and Skybridge serving as sub-advisor. The documents state the First Trust SkyBridge Bitcoin ETF will seek to list its shares on the New York Stock Exchange Arca.
The trust claims to offer a regulated way for investors to gain exposure to Bitcoin.
The BTC ETF filing emphasizes the trust will offer a regulated way for investors to gain exposure to Bitcoin without needing to custody the digital asset and allow investors to execute trades through their brokers. The First Trust SkyBridge ETF Trust is now one of several applications for a Bitcoin ETF that is currently awaiting a verdict from the SEC. Earlier this month, New York-based asset manager WisdomTree submitted its latest application for a Bitcoin ETF, following an attempt to get a fund approved that would hold up to 5% of its portfolio in Bitcoin futures despite being focused on energy and metals in mid-2020.
Morgan Stanley also filed for a Bitcoin ETF.
The leading U.S. investment bank Morgan Stanley had earlier filed for a Bitcoin ETF in partnership with crypto-focused financial services firm NYDIG on February 16. The proposed fund would be exclusively available to investors who hold at least $2 million in assets with the firm. Earlier this year, the SEC also received separate applications for Bitcoin ETFs from major exchange-traded product-issuer VanEck and Texas-based Valkyrie Digital assets. In the absence of BTC ETF, the lack of regulated investment products offering exposure to the price of Bitcoin appears to be driving U.S.-based investors to speculate on the shares of prominent businesses operating in the digital asset sector.