NYDIG, part of Stone Ridge Asset Management’s asset manager, has filed an application with the US Securities and Exchange Commission (SEC) to create an Exchange Traded Fund (ETF) pegged to Bitcoin.
If approved, NYDIG expects to list the ETF on the NYSE Arca of the New York Stock Exchange. Morgan Stanley has been announced as an authorized ETF participant. NYDIG Asset Management LLC and NYDIG Trust Company LLC will act as sponsor and custodian of the ETF, respectively. In other words, the company itself is going to store bitcoins, which is quite unusual for this type of order, said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
“The investment objective of the trust is to reflect the performance of the bitcoin price minus the costs of supporting the operating activities of the trust. The trust will not seek to reflect the performance of any benchmark rate or index, ”the firm writes.
Up to this point, the SEC refused to approve the creation of a Bitcoin ETF in the United States. This is the third application to launch such a tool currently pending with the SEC. The previous two were submitted by VanEck and Valkyrie. Market participants hope that the SEC’s attitude towards Bitcoin ETFs will change with the arrival of the new administration.
New York Digital Investment Group (NYDIG) founder and chairman Ross Stevens recently admitted that his company’s Bitcoin holdings could exceed $ 25 billion by the end of the year.

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