ETF provider Teucrium Trading filed an application on Thursday for an Exchange Traded Fund (ETF) to track Bitcoin’s futures (BTC) to the US Securities and Exchange Commission (SEC).
This Bitcoin Futures Exchange Traded Fund (ETF) is a type of security that tracks the total price of Bitcoin futures contracts and cash and cash equivalents (CCE) so that investors can trade and buy stocks on traditional exchanges that bypass crypto trading platforms.
The document indicated that the exchange-traded fund is intended to provide lower cost options for investors to help investors in the Bitcoin market or with price risk.
If the application is successful approvedThe market will trade the ETF on the NYSE Arca Exchange (“NYSE Arca”) under the symbol “BCFU”.
The US is currently struggling to release the Bitcoin ETF. American institutions have turned to the SEC with applications for a Bitcoin ETF, including the skybridge firm owned by the House’s former communications director, Anthony Scaramucci. loyaltyand Galaxy Digital, to name a few. However, there are more than eight Bitcoin ETF applications that need to be approved by the SEC.
The US Securities and Exchange Commission recently exercised its right to postpone its proposed decision on VanEck’s ETF application from May 3 to June 17.
Although the US Securities and Exchange Commission has not yet approved Bitcoin ETF applications, Teucrium hopes the Teucrium Bitcoin Futures Fund (BCFU) will have more application benefits than the Bitcoin-backed ETFs Price of the benchmark bitcoin futures contracts. Therefore, Changes in the share price can vary and change the spot price of Bitcoin.
In documents submitted to the SEC, Teucrium specifically emphasized the following:
“The fund does not invest directly in Bitcoin.”
Gary Gensler, chairman of the Securities and Exchange Commission, called Bitcoin a “highly speculative investment”. This may indicate that regulators are unwilling to endorse this tool.
Image source: Shutterstock