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NYDIG Files for Bitcoin ETF, Adding to Firms Hoping 2021 Is When SEC Finally Says 'Yes'
The filing comes on the same day as bitcoin hit $50,000 for the first time ever.
NYDIG, Stone Ridge Asset Management’s bitcoin spin-off firm, has filed with the U.S. Securities and Exchange Commission for a bitcoin exchange-traded fund (ETF).
- With the filing, NYDIG is clearly hoping that 2021 will be the year the SEC approves the first such ETF.
- So far the SEC has considered many applications for bitcoin-based ETFs and rejected them all. In August 2018, it rejected nine such proposals on the same day.
- Lately there's been growing sentiment in the industry that the SEC has warmed to the idea, however, and NYDIG has become at least the third firm to recently apply for a bitcoin ETF, folllowing VanEck and Valkyrie.
- An ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft and thus would make cryptocurrencies more mainstream and broaden acceptance of them.
- NYDIG's filing lists Morgan Stanley as the initial authorized participant in the ETF, making it the financial giant's latest potential foray into cryptocurrency.
- The filing comes on the same day as the leading cryptocurrency hit $50,000 for the first time ever.
Read more: First North American Bitcoin ETF Approved by Canadian Securities Regulator
STORY CONTINUES BELOW
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
