BlockFi Files for Bitcoin Futures ETFon October 8, 2021 at 5:56 pm

BlockFi Files for Bitcoin Futures ETFon October 8, 2021 at 5:56 pm

BlockFi filed to offer a bitcoin futures exchange traded fund (ETF) Friday, joining a race that industry experts believe could reach a crescendo in weeks.

The fund, “BlockFi Bitcoin Strategy ETF,” would only invest in futures contracts traded on the CME, according to regulatory filings. It would be registered under the so-called ‘40 Act. Those attributes are in line with a hypothetical bitcoin ETF that SEC chair Gary Gensler has hinted may finally receive the long-sought approval.

BlockFi has virtually no chance of crossing the finish line first, however. A bevy of similar offerings are set for final verdict later this month. ETF experts believe one is likely to be approved, particularly after Gensler’s comments in recent weeks.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, said he predicts one or more applications will receive an approval this month.

A representative for BlockFi did not pick up the phone.

At least one major contender has begun preparing for Gensler’s go-ahead. Earlier this week, ETF firm VanEck secured an insurance policy for its yet-to-launch bitcoin futures ETF. The policy comes online on October 26, one day after the SEC’s decision deadline.

The policy does not indicate whether VanEck’s approval will actually be approved or not.

UPDATE (Oct. 8, 2021, 18:05 UTC): Updated with additional detail.

BlockFi filed to offer a bitcoin futures exchange traded fund (ETF) Friday, joining a race that industry experts believe could reach a crescendo in weeks.The fund, “BlockFi Bitcoin Strategy ETF,” would only invest in futures contracts traded on the CME, according to regulatory filings. It would be registered under the so-called ‘40 Act. Those attributes are in line with a hypothetical bitcoin ETF that SEC chair Gary Gensler has hinted may finally receive the long-sought approval.BlockFi has virtually no chance of crossing the finish line first, however. A bevy of similar offerings are set for final verdict later this month. ETF experts believe one is likely to be approved, particularly after Gensler’s comments in recent weeks.Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, said he predicts one or more applications will receive an approval this month.A representative for BlockFi did not pick up the phone.At least one major contender has begun preparing for Gensler’s go-ahead. Earlier this week, ETF firm VanEck secured an insurance policy for its yet-to-launch bitcoin futures ETF. The policy comes online on October 26, one day after the SEC’s decision deadline.The policy does not indicate whether VanEck’s approval will actually be approved or not.UPDATE (Oct. 8, 2021, 18:05 UTC): Updated with additional detail.Read MoreCoinDesk

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: