Anthony Scaramucci’s SkyBridge and First Trust are teaming up for the Bitcoin ETF
SkyBridge and First Trust have joined the growing list of companies seeking approval from the US Securities and Exchange Commission to set up an ETF. Both companies filed an application late Friday.
According to the S-1 filing with the SEC, the product was named “First Trust Sky Bridge Bitcoin ETF Trust”. While First Trust would act as advisor to the ETF, SkyBridge would act as sub-advisor. The shares are expected to be traded on the NYSE Arca.
Following the new filing, the SEC now has five Bitcoin ETF proposals to either approve or reject – VanEck in December 2020, Valkyrie in January, NYDIGin in February, and WisdomTree in March.
SkyBridge founder Anthony Scaramucci is pretty optimistic that the SEC would approve the products. He believes the Commission would consider all pending applications in one batch. In addition, he claims the American market is ready for a Bitcoin ETF.
While speaking to the crypto news site Blockworks, he said:
I think if you look at Canada, which usually makes up 11% to 12% of the US market, and in a month one of those Canadian ETFs hit a billion dollars. The interest in Bitcoin is enormous and in my opinion this is the best structure for customers as it is liquid.
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