Monday, 03 August 2020

The SEC is reviewing another ETF proposal

There is a new Bitcoin ETF proposal and this time it’s from a Gold Fund veteran. The ETF would focus on stocks and options if approved.

The firm that submitted the bid is a Cayman Islands-based firm called Kryptoin. They have filed an initial registration statement with the United States Securities and Exchange Commission (SEC).

According to the filing which was made yesterday, the former managing director of the World Gold Council and the portfolio manager behind SPDR Gold stocks another ETF, Kryptoin Investment Advisors has developed another Bitcoin ETF proposal.

The ETF is set to follow the Chicago Mercantile Exchange (CME) Bitcoin Reference Rate to reflect the actual market price of Bitcoin. This was one of the issues with the previous proposals as the price would have been governed by multiple exchanges abroad which could be manipulated.

If the SEC approves Kryptoin’s Bitcoin ETF proposal, it will be made up of stocks and options, as opposed to the NYSE which focuses mainly stocks. There is still one other ETF being evaluated and the saga continues, who will be the first to win this race?

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