Kryptoin Re-files Bitcoin ETF Opting to List on Cboe Over Nasdaq – Finance Bitcoin News
The 9th. April 2021, a Delaware-based company and sponsor of the cryptoin Bitcoin ETF Trust filed an S1 amendment with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF). The asset manager has filed a new application for the ETF for 2019 and plans to use the Cboe BZX instead of the NYSE.
Cryptoin joins list of bitcoin ETFs hoping to be approved in 2021
The race for bitcoin exchange-traded funds (ETFs) in the US has intensified in recent days as competition has emerged. Asset manager Cryptoin recently said it has filed a new application for ETF approval with the Securities and Exchange Commission. With the addition of Cryptoin, there are now seven bitcoin-based ETFs hoping to gain approval from US regulators. The list includes Valkyrie, Vaneck, Fidelity, NYDIG, Wisdomtree, First Trust & Skybridge, and Kryptoin.
Cryptoin’s prospectus is not materially different from its 2019 filing, except that it was then selected for listing on the NYSE Arca. This time, however, the cryptocurrency’s prospectus sent to the SEC on Friday designated Cboe BZX as a listed exchange. Cryptoin has decided to add its prospectus to the list of bitcoin ETF filings, while Vaneck and Wisdomtree are awaiting SEC review. The company’s product will be called Cryptoin Bitcoin ETF Trust, and the company plans to launch it once it is approved.
The preliminary fillable prospectus further states that the purpose is to provide exposure to bitcoin at a price that reflects the actual bitcoin market, where investors can buy and sell bitcoin, less costs associated with operating the trust. Cryptoin adds that the company will use benchmark prices to determine the share price.
Filing with the U.S. Securities and Exchange Commission :
In pursuing its investment objective, the Trust will hold Bitcoin and, to ensure that the price of the Trust’s Units reflects the actual market for Bitcoin, the Trust will price its Units daily using the CF Bitcoin US settlement price.
Cryptoin’s CEO has experience with the SPDR Gold Equity ETF.
Canada already has two bitcoin-based ETFs in North America, and Brazil also launched the first bitcoin-based ETF in South America a few weeks ago. Bitcoin ETFs have yet to be approved in the US, as several ETFs have been rejected by the SEC and many have withdrawn their pre-notifications. The Securities and Exchange Commission has cited concerns such as price manipulation, but with a lot of institutional money jumping into the crypto ecosystem, many companies are hoping for approval in 2021.
Cryptoin ETF is managed by Jason Toussaint, a businessman with extensive experience in ETFs. Toussaint was formerly CEO of World Gold Trust Services, the sponsor of the SPDR Gold Shares ETF (GLD). Crypto CEO and board member Toussaint has also worked with ETFs and other investments at Morgan Stanley, Northern Trust Asset Management and JP Morgan Asset Management.
What do you think of the cryptoin bitcoin ETF filing and other ETFs awaiting approval? Let us know what you think in the comments below.
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