Global ETF provider joins the race for spot-bitcoin ETF 

The global ETF provider Global X has joined other industry players aiming to offer bitcoin-based ETF. The firm filed an application to list a spot-bitcoin exchange-traded fund (ETF). This move updates the list of active spot bitcoin applications filed with U.S. regulators. The filing is ninth on the list.

Investors on the platform will be exposed to Bitcoin, having important protections that investors who directly invest in Bitcoin do not have, the lawyers of the firm involved in the filing stated.

The firm has named Coinbase as its surveillance-sharing partner. This collaboration is targeted towards getting a stamp of approval from the U.S. regulators. 

Most of the earlier applications for a spot Bitcoin ETF like BlackRock and Fidelity announced Coinbase as its surveillance-sharing partner. These applications from the firms are however still pending.

The partnership moves with exchanges as part of the application plan is in response to the SEC’s previous disapproval of such applications owing to a lack of surveillance-sharing agreement as one of the reasons.

Moreso, Global X filed for a bitcoin-futures ETF alongside the spot Bitcoin ETF application. Global X also filed to establish a fund that tracks the CoinDesk Bitcoin Trend Indicator Index, an index belonging to the CoinDesk family of companies.

While the U.S. regulator is yet to approve a spot-bitcoin ETF with any of the firms who filed for it, it has approved a leveraged bitcoin futures ETF. Grayscale, a digital currency asset management company that filed for a spot ETF and was turned down, stated in July that the SEC Denial of a spot Bitcoin ETF is arbitrary. 

As the list for spot bitcoin ETF applications continues, the industry awaits the firm to be first awarded an approval.

Read also;

Alibaba Releases Open-Source AI Tools to Rival Meta’s Llama 2

What do you think of this article? Share comments below.