SkyBridge Capital has filed for a Bitcoin ETF with the Securities and Exchange Commission (SEC). In January the company opened its first Bitcoin trust – SkyBridge Capital Bitcoin Fund, which grew to a size of $370 million within weeks.
If the company gains this amount of capital for a few weeks the company will explode if the SEC approves the form.
ETFs are investment vehicles that can be traded like stocks. They track the price of the real asset. Till now many companies applied for Bitcoin ETF but the SEC disapproved of their forms. The truth is that this new crypto asset will help many institutions. By owning the Bitcoin ETF the company doesn’t need to store private keys.
The SEC has never yet approved a Bitcoin ETF. However, with Canadian regulators already approved 3 Bitcoin ETFs. The first of them – Purpose – announced $421.8М AUM in the first two days of trading.
“I do believe that this will be an approval process that happens in 2021” told Scaramucci, COO of SkyBridge.