Anthony Scaramucci’s SkyBridge and First Trust partner for a Bitcoin ETF
SkyBridge and First Trust have joined a growing list of companies seeking approval to launch an ETF from the US Securities and Exchange Commission (SEC). Both companies applied late Friday.
According to the S-1 filing with the SEC, this product is known as the “First Trust Sky Bridge Bitcoin ETF Trust”. While the First Trust will act as an advisor to the ETF, SkyBridge will act as a sub-advisor. Stocks are expected to trade on the NYSE Arca.
Following the new filing, the SEC now has five Bitcoin ETF proposals for approval or disapproval – VanEck in December 2020, Valkyrie in January, NYDIGin February, and WisdomTree in March.
SkyBridge founder Anthony Scaramucci is quite optimistic that the SEC will approve products. He believes the Commission will review all pending applications in one batch. Furthermore, he asserted that the US market is ready for a Bitcoin ETF.
While speaking to crypto news site Blockworks, he said:
I think if you look at Canada, which typically accounts for 11% to 12% of the US market, and in a month, one of those Canadian ETFs has raked in a billion dollars. There is a huge concern for bitcoin and in my opinion this is the best structure for the client as it is liquid.
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