Finally, BlockFi also entered in the bitcoin ETFs race to sustain their crypto business at the next level.
BlockFi is a lending platform, which allows its users to lend their crypto assets and earn interest profit. Now, this crypto platform is moving toward another initiative to expand the ecosystem at a more advanced level.
BlockFi filed his application for the approval of his Bitcoin spot ETFs products with the United States Securities and Exchange Commission (SEC). According to the filing S-1, “BlockFi NB Bitcoin ETF” will trade on the New York stock exchange. And the Exchange-traded product will be fully backed by Bitcoin i.e Spot ETF.
The filing of BlockFi is under the Securities Act of 1933. And there are already 20 applications filed by the SEC to get approval for Bitcoin spot ETF products. Probably, BlockFi needed to wait for a long time because already 10 of the early filing have an exact decision date by the SEC and the other 10 have no decision date, so clearly, BlockFi needed to wait.
SEC on Bitcoin Spot ETFs application
At present, most of the filed applications of Bitcoin spot ETF products are waiting for the decision and information regarding the bitcoin ETFs applications by the SEC agency.
Around a month ago before the approval of Bitcoin futures ETFs, the SEC agency stated that the Bitcoin Spot ETFs application will face a delay in the decision by 45 days over another similar kind of application. So it was expected that the SEC agency would start to make decisions on Bitcoin spot ETF applications from November to December.
But as we know, the first week of November is over but still no statement by the SEC agency for Bitcoin spot ETFs applications is coming. To force the SEC Agency, Two US lawmakers wrote an open letter to the SEC chair Gary Gensler to give his response on bitcoin spot ETFs which deserve approval because of the safety instead of risky Bitcoin futures ETFs products.