New York-based fund manager Global X Digital Assets has filed an application with the US Securities and Exchange Commission for a Bitcoin Exchange Traded Fund (BTC) (ETF). Global X Digital Assets, the sponsor of the proposed trust, is affiliated with Global X Management Company, also known as Global X, and Mirae Asset Global Investments.

The application, filed on July 21, states that the proposed Global X Bitcoin Trust will trade on the Cboe BZX exchange. According to the profile:

“The investment objective of the trust is to reflect the performance of the bitcoin price minus the operating expenses of the trust. Trust will not attempt to reflect the performance of benchmarks or metrics. “

Investors in the fund or their authorized financial agents receive bitcoins from the trust via an unnamed BTC custodian. The filing states that the Trust itself “will not buy or sell Bitcoin directly, except in the event of liquidation or exceptional circumstances described here”.

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Earlier this week, Greg King – CEO of Osprey Funds – suggested that the high number of Bitcoin ETF applications in the US earlier this year contributed to Bitcoin’s unusual bull run in 2021. The SEC’s continued reluctance to approve a crypto ETF, coupled with aggressive regulatory remarks in the United States on various crypto assets such as stablecoins, has ended a role for King in the currency’s subsequent decline. King has suggested that 2022 will be the earliest year the U.S. regulator approves BTC ETF applications.