Cryptocurrency investment firm Arca has filed an application for a Bitcoin trust with the US Securities and Exchange Commission (SEC). The product will be similar to BlockFi and Grayscale trusts.
According to the published application, the American company Arca, specializing in cryptocurrency investments, wants to create a trust in Bitcoin. Arca has already raised $ 100,000 for a trust that will only accept outside investments of $ 25,000 or more.
The Arca trust will be similar to that of BlockFi, which officially launched the Bitcoin Trust earlier this month. A Bitcoin Trust is a tool that allows institutional investors to access Bitcoin without buying cryptocurrency directly.
Arca and BlockFi products will compete with Grayscale’s dominant GBTC trust, which has been trading since 2013. Grayscale reported last month that it raised $ 3.3 billion in crypto funds in Q4 2020.
As a reminder, last July, Arca launched a regulated investment fund on the Ethereum blockchain. The fund’s shares were issued as ERC-1404 tokens.
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