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Global X Joins Firms Filing Bitcoin ETF Application With SEC
The fund manager filed a proposal with the SEC to list the Global X Bitcoin Trust on the Cboe BZX Exchange.
New York-based fund manager Global X Digital Assets has joined the list of firms applying to file a bitcoin exchange-traded fund (ETF) in the U.S.
- The fund manager filed a proposal Wednesday with the Securities and Exchange Commission (SEC) to list the Global X Bitcoin Trust on the Cboe BZX Exchange.
- The ETF will reflect the performance of the price of the world's large cryptocurrency "less the expense of the Trust's operations," according to the filing.
- Custody for the bitcoin purchased by Global X will be provided by an unidentified custodian.
- The SEC is now reviewing more than a dozen similar applications, and hasn't approved any of them. Some have had their formal application windows extended on more than one occasion.
- In May, SEC Chairman Gary Gensler raised concerns before Congress about market manipulation in crypto and investor protection. Market manipulation has been cited as a key concern by the regulator when it rejected past bitcoin ETF applications.
Read more: SEC Again Delays VanEck Bitcoin ETF Decision
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Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
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What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
