$35B AUM Global X Files for Bitcoin ETF Dubbed Global X Bitcoin Trust with SEC

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Global X Bitcoin Trust ETF will reflect the performance of the price of Bitcoin minus the accrued expense of the trust.

Pressure for the United States SEC to approve Bitcoin ETF is pulling up. New York-headquartered Global X firm that has Asset Under Management (AUM) of up to $35 billion as of July has filed for a Bitcoin ETF with the US SEC. According to the SEC filings shared on the internet, the Global X Bitcoin Trust will be traded on the Cboe BZX Exchange Inc.

Global X Bitcoin Trust

Notably, Global X said the ticker name used to represent the Bitcoin Trust will be announced prior to commencement of trading. Global X Bitcoin Trust ETF will reflect the performance of the price of Bitcoin minus the accrued expense of the trust. However, the firm noted that Global X Bitcoin Trust will not seek to reflect any performance of any particular benchmark or index.

Worth noting, Global X will become a BTC holder as it seeks to provide an exchange-traded fund for BTC. “In seeking to achieve its investment objective, the Trust will hold bitcoin,” the firm noted in the filing.

Global X has partnered with other interested institutions to see to it the first Bitcoin ETF has been approved in the United States. Furthermore, Canada, a neighboring economic giant has approved Bitcoin ETFs that have accrued millions of dollars in less than a year.

“The Trust will value its assets daily in accordance with Generally Accepted Accounting Principles (“GAAP”), which generally value bitcoin by reference to orderly transactions in the principal active market for bitcoin, as described under “Calculation of NAV” herein. Global X Digital Assets is the sponsor of the Trust,” the firm added.

Key Notes

The hype on a Bitcoin ETF has mostly been catalyzed by the rising demand for digital assets.

Research by Goldman Sachs has shown that more than half of the ultra-rich family offices working with the bank have indicated a notable interest in digital assets.

Precisely, 22% of the respondents control the wealth of over $5 billion whilst 45% control wealth of between $1 billion and $4.9 billion.

Despite all these pressures for the United States SEC to approve a Bitcoin ETF, the earliest approval is expected to be 2022 according to Greg King, CEO of Osprey Funds.

Already, WisdomTree, VanEck, and Skybrdge capital have all filed for a Bitcoin ETF with the SEC to no avail.

This comes as Bitcoin hovers around $32k in the past 24 hours according to market analytics provided by TradingView.

Bitcoin News, Cryptocurrency news, Funds & ETFs, Market News, News

Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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