thecoinrepublic.com
SkyBridge Capital has applied for Bitcoin ETF with the SEC. The application has been pending, and as per the filing, NYDIG will be the custodian of the BTC ETF Trust of SkyBridge Capital.
- The New York-based Bitcoin ETF Trust is likely to seek 100% exposure to Bitcoin as it is achievable.
- Many BTC ETF applications are pending before SEC, which is yet to be approved.
Anthony Scaramucci owns SkyBridge Capital which has applied with the U.S. Securities and Exchange Commission (SEC) to trade a Bitcoin ETF. The company has joined the growing numbers of financial firms to have applied to SEC. NYDIG is the custodian for the BTC ETF from First Trust Advisors and SkyBridge Capital, as per the regulatory documents.
According to CoinDesk’s findings from the SEC filing, the New York-based Bitcoin ETF Trust is likely to seek 100% exposure to Bitcoin as it is achievable. SkyBridge Capital will be responsible for the day-to-day supervision and investment decision of the ETF.
SkyBridge Bitcoin ETF Trust has made attempts to favor this continuous race for regulatory approval.
BNY Mellon is its service provider and cash custodian. NYDIG acts as a keeper of the keys for the BTC ETF.
BTC ETF pure-play and application status
It is interesting to know that till now, no BTC ETF has been cleared by the SEC. However, some experts from the industry believe that the new SEC chair, many applications for filing, crypto ETF increasing activity in Canada have bolstered the firms’ sentiments. They have started considering that the SEC might approve of BTC ETF more than one.
Many BTC ETF applications are pending before the SEC, which is yet to be approved. VanEck Bitcoin Trust, Wise Origin would use Fidelity, Valkyrie will use Coinbase, and Krypto in picked up Gemini. NYDIG, which has also sent the application for the custody of its own ETF recently, is the custodian with the BTC ETF Trust.
Since the new Chairman of SEC is a crypto enthusiast and three BTC ETFs were approved in Canada, industries hope to get approval from the SEC. But there is no indication given by the agency yet.
NYDIG continues to make bitcoin plays across the financial industry. It is all set to custody bitcoin for JP Morgan’s upcoming fund and integrates with consumer banks through FIS. The Coin Republic has noted that NYDIG has partnered with FIS to offer solutions to the people looking to buy, sell and hold Bitcoin. The digital solution by FIS will offer One Mobile tool, a digital experience to banks. NYDIG will provide a secure custodial and trading platform for managing bitcoin transactions.