As part of a growing trend at the latest, SkyBridge Capital has applied for regulatory approval from the US Securities and Exchange Commission to offer an exchange-traded Bitcoin fund (ETF).
In an S-1 filing dated March 19, the company. Former White House communications director and youngest Bitcoin convert, Anthony Scaramucci, applied for the product to be named The First Trust SkyBridge Bitcoin ETF Trust.
According to the filing, the trust’s investment objective is “to be less of a reflection of Bitcoin’s performance [its] Liabilities and Expenses. “It would try to get as close to 100 percent of its net worth in Bitcoin as possible.
SkyBridge is just the youngest group to apply for regulatory approval to offer a Bitcoin ETF in the US that no group has yet received. In the past few weeks, Valkyrie Digital Assets, Cboe Global Markets, and NYDIG have filed similar filings with the SEC. In Canada, the Purpose Bitcoin ETF was recently the first North American Bitcoin ETF to hit the market and quickly broke records.
Last week, a Brazilian company announced that it had received approval to offer the first Bitcoin ETF in Latin America.
If a similar product hits the US market, it will almost certainly generate a lot of interest.