- Lending platform BlockFi is the latest to join the Bitcoin futures ETF race with the goal of a new filing to the SEC today.
- ETF analysts are optimistic that the committee will approve up to four BTC futures ETFs in October.
- The BlockFi Bitcoin Strategy ETF is the last in the queue at the SEC, with ProShares at the top of the list.
Bitcoin lending platform BlockFi wants to introduce an Exchange Traded Fund (ETF) for bitcoin in the US, a new filing with the Securities and Exchange Commission (SEC) shows. The company is the latest to join a race that analysts believe could produce some crop this month.
Bloomberg It reported that its ETF analysts are “extremely optimistic about approval” of a bitcoin futures ETF in October, with four bids likely to get the green light from the SEC. BlockFi’s ETFs may be fifth, but they are unlikely to gain approval before ProShares, Valkyrie, VanEck or Galaxy, all of which are offered first.
Eric Balchonas, Senior ETF Analyst at BloombergAnd chirp The company’s latest analysis of bitcoin futures ETF deposits and their approval prospects. ProShares tops the list, followed by Valkyrie.
The BlockFi Bitcoin Strategy ETF seeks registration under the Investment Corporation Act of 1940. The fund will invest in cash-settled futures contracts traded on the Chicago Mercantile Exchange (CME), short-term fixed-income securities, and investments in cash or cash equivalents , according to an October 8 filing.
“The fund seeks to invest in bitcoin futures contracts so that the total value of bitcoin to which the fund is economically exposed equals approximately 100% of the fund’s net assets,” the filing states. But exposure to Bitcoin futures will be indirect through investments in a wholly owned subsidiary regulated under the laws of the Cayman Islands.
BlockFi will list the ETF for its Bitcoin strategy on the Cboe BZX Exchange and be reported by Exchange Traded Concepts, LLC, which will take full responsibility for the overall management and management of the fund.