The Securities and Exchange Commission has until November 14 to decide on yet another Bitcoin ETF spot order from VanEck.
Cryptocurrency lending company BlockFi has filed with the U.S. Securities and Exchange Commission (SEC) to launch a physically secured bitcoin exchange-traded fund in what is expected to be a big week for the cryptocurrency markets.
Form S-1 BlockFi NB Bitcoin ETF was filed with the SEC on Monday, according to official documents. The filing states that BlockFi will act as a custodian and that the investment goal of the ETF is to reflect the underlying performance of bitcoin, as opposed to futures or derivative benchmarks.
The document goes on to say that “the trust will not directly buy or sell bitcoin, although the trust may instruct a custodian to sell bitcoin to cover certain expenses.”
News of the ETF listing spread on Crypto Twitter amid speculation that the SEC could be close to its first physical bitcoin ETF approval as early as this week.
As Bloomberg’s James Seiffart pointed out, the SEC’s decision on the long-awaited Bitcoin ETF VanEck Spot is due next Sunday. “There will either be an SEC approval or a denial,” he said, meaning “no more delays.”
Related: Why now? It took eight years for the SEC to approve a Bitcoin ETF in the US.
Last month, the US Securities and Exchange Commission approved the ProShares Bitcoin Strategy ETF, the country’s first BTC exchange-traded fund. However, the approval came with a caveat: the fund’s price is pegged to BTC futures, not to the spot price. Shortly after the approval of the ProShares fund, the SEC green-lit the Valkyries Bitcoin Strategy ETF, another futures-based product.
Although futures-based ETFs weren’t what bitcoin-purists were looking for, they proved to be surprisingly popular with investors. As Cointelegraph reported, the ProShares ETF debuted with the highest first-day natural volume ever to exceed $1 billion. By the end of October, institutional managers had bought more than $2 billion worth of bitcoin products in a month, largely thanks to ETF approval.