Just recently, at Microstrategy’s “Company with Bitcoin” event, Stone Ridge Asset Management and the founder of New York Digital Investment Group (NYDIG), Ross Stevens, explained that he saw the Bitcoin field Entered the “money wall”. A week after the announcement, NYDIG revealed that the company has applied for a Bitcoin exchange-traded fund (ETF) and hopes to obtain regulatory approval.
NYDIG applies for Bitcoin exchange-traded fund, hoping to be able to trade New York Stock Exchange
Last week, Ross Stevens (Ross Stevens) tell Microstrategy CEO and Bitcoin bull market, Michael Seller He believes that Bitcoin will invest a lot of money, and he may have quite good intentions. Soon after, Stevens’ company NYDIG (a subsidiary of Stone Ridge Asset Management) revealed that the company aims to launch an exchange-traded fund (ETF).The news follows the most recent Purpose Bitcoin ETF approval, It will be traded on the Toronto Stock Exchange.
NYDIG also lags behind company-registered Bitcoin-based ETF applications Valkyrie Digital Assets with Wanneck. The “NYDIG Bitcoin ETF” document was submitted to the US Securities and Exchange Commission on February 16, 2021. Form S-1 statement, Its purpose is to issue common stock trading on the New York Stock Exchange Arca.
“This [NYDIG Bitcoin Trust’s] The investment objective is to reflect the performance of the Bitcoin price minus the operating expenses of the trust fund. The trust will not attempt to reflect the performance of any benchmark or index. “
The document continued: “In order to achieve its investment objectives, the trust fund will hold Bitcoin.” “The trust will value its assets on a daily basis in accordance with generally accepted accounting principles, which generally refer to Bitcoin’s presence in major active markets. Order transactions to value Bitcoin.”
Jeff Kilburg, founder and CEO of KKM Financial and partner of Valkyrie, said that in the United States, there are about ten companies competing for the Bitcoin ETF.Kilburgh think By 2021, the US Securities and Exchange Commission (SEC) will approve US exchange-traded funds that utilize leading digital assets.
Kilburg joked that this is akin to constantly asking someone to get married.
“This is similar to the way I strategically ask my wife to marry. About the 15th or 20th time I asked, she finally agreed.” Kilburg told CNBC.
NYDIG names Morgan Stanley AAuthorized participants
On the day BTC jumped to a record high, NYDIG filed a Bitcoin exchange-traded fund document with the U.S. Securities and Exchange Commission (SEC). BTC temporarily touched an average price of approximately $50,603 during the morning trading session (EST) on Tuesday.
The NYDIG document also states that the company will cooperate with Morgan Stanley as the initial authorized participant. Of course, the NYDIG Bitcoin ETF document also has a full page (page 9), which specifically introduces the “risks” involved in Bitcoin-based investment tools.
The registration warns: “Investment in trusts involves significant risks and may not be suitable for shareholders who cannot bear the risks associated with Bitcoin.” “These stocks are speculative securities. Their purchases involve high risks and you may lose your entire investment. You All risk factors should be considered before investing in trusts.”
What do you think of the latest Bitcoin ETF submitted by the New York Digital Investment Group (NYDIG)?
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