A subsidiary of an investment company with $563bn in assets has applied to launch a bitcoin ETF
Exchange-traded fund provider Global X has applied to the US Securities and Exchange Commission (SEC) to launch a bitcoin-ETF. If approved, its shares will be listed on the Cboe BZX platform.
The SEC must begin reviewing the application and respond within 45 days. The regulator can extend the deadline by 240 days, after which it will make a final decision.
New York-based Global X offers more than 80 exchange-traded funds focused on various sectors. The company manages $35bn in assets.
In 2018, the provider was acquired by South Korea's Mirae Asset Global Investments (part of the Mirae Asset Global Group) with $563bn in assets.
Earlier, Wilshire Phoenix co-founder William Cai said the SEC would give the green light to a bitcoin-ETF, but approval should not be expected before 2023.
In July, the regulator delayed its review of applications to launch an exchange-traded fund based on the first cryptocurrency from SkyBridge Capital. In June, a similar decision was made regarding similar proposals from VanEck, Kryptoin Investment Advisor and Valkyrie.
Recall that SEC Commissioner Hester Pearce expressed dissatisfaction with the agency's policy on bitcoin-ETFs. According to her, the US should follow the example of Canada and other countries where the instrument has already been approved.
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