Just recently, Ross Stevens, founder of Stone Ridge Asset Management and New York Digital Investment Group (NYDIG), announced during Microstrategy’s Bitcoin for Corporations event that he would see a “wall of money” in the Bitcoin space. A week later after that statement, NYDIG announced that the company has applied for a Bitcoin Exchange Traded Fund (ETF) and is hoping for regulatory approval.
NYDIG files for a Bitcoin Exchange Traded Fund with Hopes of Trading NYSE Arca
Last week as Ross Stevens told the CEO of Microstrategy and Bitcoin bull, Michael Saylor that he believes there’s a lot of money going into Bitcoin, he probably had a pretty good inclination. Not too long after that, Stevens’ firm NYDIG, a subsidiary of Stone Ridge Asset Management, announced that it was planning to launch an exchange-traded fund (ETF). The news follows the most recent Purpose of the approval of the Bitcoin ETF, which is traded on the Toronto Stock Exchange.
NYDIG is also falling behind the Bitcoin-based ETF filings registered by the companies Valkyrie Digital Assets and Vaneck. The filing of the “NYDIG Bitcoin ETF” was filed with the US Securities and Exchange Commission on February 16, 2021 Form S-1 declaration, The aim is to distribute trading in common stock on the NYSE Arca.
“The [NYDIG Bitcoin Trust’s] The investment objective is to reflect the performance of the bitcoin price minus the cost of running the trust. The trust will not attempt to reflect the performance of any benchmark or index, ”the registration documents state.
“In order to achieve its investment objective, the Trust will hold Bitcoin,” it said. “The Trust values its assets on a daily basis in accordance with the generally accepted accounting principles that generally value Bitcoin through orderly transactions in the major active market for Bitcoin.”
According to Jeff Kilburg, founder and CEO of KKM Financial and partner at Valkyrie, around ten companies are shooting for a Bitcoin ETF in the US. Kilburg thinks 2021 will be the year the SEC approves a US-based exchange-traded fund that leverages the leading digital asset.
Kilburg jokingly said that it was similar to constantly asking someone to get married.
“It’s a similar approach to how I strategically asked my wife to marry me. About the 15th or 20th time I asked, she finally said yes, ”Kilburg told CNBC.
NYDIG names Morgan Stanley as A.authorized participant
NYDIG’s SEC filing for an exchange-traded bitcoin fund happened to be registered on the day BTC hit a new all-time high. BTC temporarily hit an average price of around $ 50,603 during Tuesday’s early morning (EST) trading sessions.
NYDIG’s filing also indicates that it will partner with Morgan Stanley as the original authorized participant. Of course, the submission of the NYDIG Bitcoin ETF also contains an entire page (p. 9) on which the “risks” of a Bitcoin-based investment instrument are explained.
“Investing in the trust carries significant risks and may not be suitable for shareholders who are unable to accept risks associated with Bitcoin,” the registration warning reads. “The stocks are speculative securities. Your purchase involves high risk and you could lose all of your investment. You should consider all risk factors before investing in the trust. “
What do you think of the latest filing of Bitcoin ETFs by the New York Digital Investment Group (NYDIG)?
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50,000 USD, Bitcoin, Bitcoin (BTC), Bitcoin etf, Bitcoin Exchange Traded Fund, BTC, BTC ETF, ETF Bitcoin, Exchange Traded Fund, Jeff Kilburg, Morgan Stanley, Nydig, NYDIG Bitcoin ETF, Nyse Arca, Purpose Bitcoin ETF, SEC , Valkyrie Digital Assets, vaneck
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