BlockFi file for Bitcoin ETF physically supported

Cryptocurrency lender BlockFi has filed filings with the U.S. Securities and Exchange Commission (SEC) to set up a physically backed Bitcoin exchange-traded fund, which is expected. It’s going to be a big week for the crypto market

According to official documents, the Form S-1 application for the BlockFi NB Bitcoin ETF was filed with the SEC on November 8th.

The filing clearly states that BlockFi will act as custodian and the investment objective of the Block ETFs is a reflection of Bitcoin’s underlying performance against a futures or derivatives standard.

The filing also states that “the trust will not buy or sell bitcoin directly, although the trust may instruct the custodian to sell bitcoin in order to pay certain costs.”

News about the ETF listing circulate on Crypto Twitter amid speculation that the SEC may approve their first physical Bitcoin ETF this week.

https://twitter.com/DylanLeClair_/status/1457778617170075650?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Like Bloomberg’s James Seyffart Note, The SEC’s decision on the highly anticipated VanEck Spot Bitcoin ETF will go into effect on November 14th. “It will either be approved or rejected by the SEC,” he said, which means there are again no further delays.

https://twitter.com/JSeyff/status/1457782369142788101?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Related: Why now? It took the SEC eight years to license a Bitcoin ETF in the United States

Last month, the U.S. Securities Commission approved ProShares’ Bitcoin Strategy ETF, the country’s first exchange-traded BTC fund. However, the approval comes with a reservation – the price of the fund is linked to the BTC futures contract and not to the spot price. Shortly after the ProShares fund was approved, the SEC gave the green light to Valkyrie’s strategic bitcoin ETF, another futures-based product.

While futures-based ETFs may not be what Bitcoin purists are looking for, they have proven to be remarkably popular with investors. As Cointelegraph reported, the ProShares ETF started with its highest organic first day volume of over $ 1 billion. In late October, institutional managers bought over $ 2 billion worth of Bitcoin products for the month, largely thanks to ETF approvals.