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August 9, 2022
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Fidelity Investments and Goldman Sachs are trying to create a bitcoin ETF in the USA –

Fidelity Investments and Goldman Sachs have filed separate applications with the SEC to create a Bitcoin exchange fund. These are other entities that want to set up a bitcoin ETF.

Fidelity Investments wants to create a bitcoin ETF

Fidelity Investments application was filed with the SEC one month after a similar fund was established in Canada.

The fund provides direct exposure to Bitcoin and its shares are valued daily using the same methodology used to calculate the index

– written in the document.

It is worth noting that other entities have been trying to create a bitcoin ETF for many years. The SEC had previously received several other proposals – incl. from the founders of the Gemini cryptocurrency exchange, Cameron and Tyler Winklevoss. Only the twins failed. Their variant of the fund was not accepted by the authorities. But why should it be possible now?

The digital asset ecosystem has grown significantly in recent years, creating an even more stable market for investors and accelerating institutional demand

– Fidelity provided in a statement sent to Bloomberg.

More and more investors seeking access to Bitcoin underscore the need for a more diversified mix of products offering exposure to digital assets

– added.

Goldman Sachs also wants to create a BTC ETF

A similar request was made by Goldman Sachs, who wants to cooperate with ARK in this field. The document reads:

An ETF is an actively managed publicly traded fund that will normally invest primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the ETF’s investment theme based on breakthrough innovation.

The companies would operate in different markets:

An ETF can have exposure to a cryptocurrency such as Bitcoin indirectly through an investment in a mutual fund. The exposure of an ETF to a cryptocurrency can fluctuate over time and therefore such exposure may not always be represented in an ETF portfolio.

An exchange-traded fund (ETF) is, he explains Wikipedia, “An investment company where at least one unit or class of shares is traded throughout the day on one or more trading venues and with one or more market makers that takes steps to ensure that the value of the units or shares on that trading venue does not differ. based on their net asset values ​​and, where applicable, their indicative net asset values. Their goal is to faithfully reproduce the indicated index. “

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