The application to launch a direct ETF for bitcoin came from the BlockFi service
The U.S. Securities and Exchange Commission (SEC) received an application from the American custodial service BlockFi to launch an exchange-traded fund (ETF) with direct investments in bitcoin.
In October 2021, the US regulator approved several exchange-traded funds after a change in attitude to cryptocurrency ETFs. So far, this only applies to Bitcoin futures ETFs. But there is no talk yet about approving ETFs with direct investments in digital assets from the SEC. However, at the moment, more than twenty applications for the launch of such funds are under consideration by the regulator.
Eric Balchunas, senior ETF strategist at Bloomberg, expressed his opinion on this. He mentioned that BlockFi has applied for a bitcoin ETF with direct investments. It should be considered within the framework of the Securities Act of 1933. At the same time, a month ago, the company submitted another application for an ETF for bitcoin futures. According to him, so far Gensler does not intend to change his attitude to exchange-traded funds. Therefore, the applications will remain lying there.
Interestingly, on November 14, an application for an ETF with direct investments in bitcoin, which was submitted by VanEck, will be considered. It is unlikely that the launch will still be approved. Most likely, the review period will be postponed again for an indefinite period.
As you know, BlockFi has issued over 50 thousand credit cards. They are used to receive cashback in bitcoins from purchases made.