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BREAKING: BlockFi files for physically-backed Bitcoin ETF
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Cryptocurrency lending firm BlockFi has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a physically-backed Bitcoin exchange-traded fund, kicking off what's expected to be a big week for the crypto markets
The Form S-1 filing for BlockFi NB Bitcoin ETF was submitted to the SEC on Nov. 8, according to official documents. The filing states that BlockFi will serve as custodian and that the ETF’s investment objective is to reflect the underlying performance of Bitcoin as opposed to any futures or derivatives benchmark.
The filing further states that the “Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses.”
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