The crypto lending and borrowing company, BlockFi, and the investment management firm, Neuberger Berman, have jointly filed for a new Bitcoin spot ETF.
Learn how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.
The filing states that the new ETF would issue common shares that would trade on the New York Stock Exchange and that the value of the shares would reflect "bitcoins held by the Trust, less the Trust’s expenses and other liabilities."
The trust will be sponsored by BlockFi NB LLC, while the Delaware Trust Company is the trustee as well as custodian of the Bitcoin itself.
Recommended for You
The first Bitcoin ETF to actually go live in the U.S. was the ProShares Bitcoin Strategy ETF which features Bitcoin futures rather than an ETF based on Bitcoin's spot price. Many investors have been waiting on the approval and launch of a spot Bitcoin ETF as it more resembles a direct investment in Bitcoin.
BlockFi and Neuberger Berman have joined a list of other hopefuls who have thrown their hat in the ring for a Bitcoin spot ETF. While the SEC has allowed the Bitcoin futures ETF to go live, it has denied all spot ETFs so far.
Other firms that have applied with the SEC include VanEck, Valkyrie Investments, NYDIG, SkyBridge, Fidelity and several others.
Bitcoin spot ETFs have already been actively trading in markets outside of the United States and crypto experts believe the approval of such an ETF for trading in U.S. markets is imminent.