Global X becomes the latest company to apply for the Bitcoin ETF

Exchange-traded fund (ETF) provider Global X has filed its own application with the SEC for a bitcoin ETF.

Global X has joined the slew of companies looking to become the next bitcoin ETF with a new deposit with the Securities and Exchange Commission (SEC). proposal with the SEC requires access to list Global X Bitcoin Trust on the Cboe BZX Exchange. If given the green light, Global X Bitcoin Trust will issue beneficial interest common shares to trade with a ticker yet to be determined. ETF will operate with the objective of holding bitcoin to achieve the investment objective of becoming a proxy for the price of bitcoin in dollars.

At the time of writing, Global X, a subsidiary of Mirae Asset, manages $ 35 billion.

Bank of New York Mellon (BNY Mellon) is also participating in the Global X ETF aspiration and will act as administrator and transfer agent if the proposal is approved. bank will provide Global X with accounting, tax and financial reports to help maintain trust. BNY Mellon is also helping Grayscale with its recently announced strategy for its bitcoin product, GBTC.

Global X Bitcoin Trust Global

Although the name of the ticker, which will arrive shortly before trading begins, has not yet been announced, we know a lot about the proposed fund. According to the documents filed with the SEC, the investment objective of the trust “is to reflect the trend in the price of bitcoin minus the expenses of the operations of the Trust.” proposal establishes that the trust will not seek to reflect the performance of any index or benchmark. “In an effort to achieve its investment objective, the Trust will hold bitcoin. Trust will value its assets on a daily basis in accordance with Generally Accepted Accounting Principles (GAAP), which generally value bitcoin by reference to orderly transactions in the main active bitcoin market.

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document goes on to state that and shareholders who want to buy or sell shares in Global X Bitcoin Trust will use trading brokers to place orders, a step that could involve fees and that transactions could occur at a discount from the net asset value of the shares. Grayscale and Global X are among several investment managers who have submitted similar proposals to the SEC. list includes Fidelity, NYDIG, SkyBridge Capital, and VanEck. Despite the flood of documents, the SEC has delayed or assisted all of the applications so far.


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