AdvisorShares files for Bitcoin ETFs with SEC
AdvisorShares filed an application to get approval to offer Bitcoin ETF services despite two fund managers withdrawing their ETF application.
In the present time, many fund manager companies are seeking for ETF based Investment exposure in Crypto assets because of the huge potential in the crypto market. Recently VanEck & Proshare announced to withdraw their application of Ethereum ETF without clear reason. But now one another company is going for a Bitcoin ETF.
Related: VanEck & ProShares withdraw their application of Ethereum ETF
Bethesda (Maryland) based fund manager company, AdvisorShares filed for the Bitcoin futures ETFs approval from the Securities Exchange & Commission ( SEC).
According to the prospects submitted by AdvisorShares, they aimed to achieve the Investment goals through the Bitcoin futures ETF.
And stated
“Investing all or substantially all of its assets in (i) exchange-traded futures contracts on bitcoin (“Bitcoin Futures”) and (ii) short duration fixed income securities and cash or cash equivalent investments.”
Firm also said that they may Invest in exchange traded products in future and also ETFs based outside the United States.
They also confirmed that they will not go for direct investment in Bitcoin, as per prospects. Alongside the Bitcoin ETF, they will invest in Bitcoin futures indirectly. For the futures Investment they will go with the support of a subsidiary which will be managed under Cayman Islands laws.
Bitcoin and other crypto ETF based crypto Investment seems a better opportunity gateway for big wealth companies. But it should be also noticed that dozens of ETF applications are still pending to get approval by the SEC.And also there are many fund management companies which filed applications around a year ago like WisdomTree.
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