Leading digital asset manager Galaxy Digital has now filed for a Bitcoin ETF in the United States in a joint application with investment management company Invesco. In addition, ETF provider Amplify has submitted a filing to offer futures and fund-based ETFs.
‘Amplify Decentralized Finance & Crypto Exposure ETF’ will invest in Bitcoin futures, Canadian Bitcoin funds, and companies that hold more than 50% of their net assets in Bitcoin, Ethereum, or other ‘liquid’ crypto assets.
In its filing, the company noted that the ETF “ seeks to provide total return by investing at least 80% of its net assets (including investment borrowings) in the securities of companies actively involved in decentralized finance (“Defi”) and cryptocurrency development, utilization and investment.”
Whereas the Invesco Galaxy Bitcoin ETF will hold Bitcoin and value its Shares daily based on the value of the Index.
Both the filings have not revealed the companies responsible for the backends and have yet to decide upon a custodian.
The SEC, which oversees ETFs in the United States, has already received more than a dozen applications for various crypto ETFs, including Bitcoin ETFs, Ethereum spot EFTs, and futures ETFs.
However, the regulatory body has repeatedly rejected applications over concerns of market manipulation.
SEC Chairman Gary Gensler recently suggested that futures ETFs may be more likely to be approved than physical ETFs.
Anthony Scaramucci’s SkyBridge Capital, the New York Digital Investment Group (NYDIG), and ETF provider VanEck are some of the latest applicants for the crypto ETFs.
Investment management company VanEck was one of the first companies to apply for a Bitcoin ETF and will receive its final decision in November.