New York-based provider Global X has submitted an application to list a spot bitcoin exchange-traded fund (ETF). This move positions Global X among various industry players seeking to introduce bitcoin-based investment options, according to a recent filing, media reports said.
In addition to the spot bitcoin ETF application, Global X has filed for permission to create a bitcoin-futures ETF. Furthermore, the company recently sought approval for a fund tracking the CoinDesk Bitcoin Trend Indicator Index, demonstrating its proactive approach in exploring diverse investment offerings within the cryptocurrency space. The CoinDesk Indices are part of the CoinDesk family of companies.
If granted approval, the proposed fund aims to offer investors “exposure to bitcoin with important protections that are not always available to investors that invest directly in bitcoin,” as outlined in the filing by legal representatives.
Global X’s application marks the ninth active spot bitcoin ETF application filed with U.S. regulators. Simultaneously, Grayscale, a subsidiary of Digital Currency Group, has petitioned to appeal the SEC’s rejection of its proposed spot bitcoin ETF conversion.
To enhance the chances of regulatory approval, Global X has chosen Coinbase as its surveillance-sharing partner, following a trend among other pending applicants such as Fidelity and BlackRock. Such surveillance-sharing agreements address previous SEC rejections of bitcoin ETF applications, which cited the absence of robust surveillance mechanisms as a concern.
