Global X Files Application for Spot Bitcoin ETF
Global X, a provider of ETF products, has filed an application to list a spot bitcoin exchange-traded fund (ETF). The fund, if approved, would offer investors exposure to bitcoin with important protections not available when investing directly in bitcoin. Global X has chosen Coinbase as its surveillance-sharing partner to gain regulatory approval. This filing marks the ninth active spot-bitcoin application filed with U.S. regulators. Grayscale, a subsidiary of CoinDesk parent company Digital Currency Group, has also petitioned to appeal the SEC’s rejection of its proposed spot-bitcoin ETF conversion. Other industry players, including Fidelity and BlackRock, have announced surveillance-sharing agreements with Coinbase in response to previous SEC rejections. Global X has also filed for permission to create a bitcoin-futures ETF and a fund that tracks the CoinDesk Bitcoin Trend Indicator Index.
Key Points:
– Global X has filed an application for a spot bitcoin ETF, joining other industry players.
– The fund would provide investors exposure to bitcoin with important protections.
– Coinbase is the chosen surveillance-sharing partner for Global X.
– This filing is the ninth active spot-bitcoin application with U.S. regulators.
– Other industry players, including Fidelity and BlackRock, have also announced surveillance-sharing agreements with Coinbase.
Hot Take:
Global X’s application for a spot bitcoin ETF shows the growing interest and competition in the crypto investment space. By offering investors exposure to bitcoin with added protections, this ETF could attract more traditional investors who may be hesitant to invest directly in bitcoin. The choice of Coinbase as a surveillance-sharing partner highlights the importance of strong regulatory oversight in the cryptocurrency market. As more industry players file similar applications, it will be interesting to see how the SEC responds and if a spot bitcoin ETF will become a reality in the near future.
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