THELOGICALINDIAN - Two added bitcoin ETFs accept been filed with the US Securities and Exchange Commission SEC Rex Bitcoin Strategy ETF and Rex Short Bitcoin Strategy ETF are not accepted to advance anon in bitcoin Their investments will accommodate USlisted bitcoin derivatives as able-bodied as an actively managed portfolio of anchored assets instruments
Also read: Bitcoin ETF Filed with SEC by Leading Gold Fund Manager Vaneck
Bitcoin ETFs Without Bitcoin
Two bitcoin exchange-traded funds (ETFs) were filed with the SEC on August 23; Rex Bitcoin Strategy ETF and Rex Short Bitcoin Strategy ETF. The above seeks to accommodate investors with “long exposure” to the amount movements of bitcoin, admitting the closing with “short exposure.” The ticker symbols and amount ratios were not disclosed. According to the filing:
Founded in 2014, Rex Shares LLC is the sponsor of the funds. Prior to the filing, the aggregation announced the accumulation of a wholly-owned accessory alleged Rex Capital Management LLC on August 21. Its focus is to advance advance articles and strategies accompanying to bitcoin and added agenda assets. Rex Capital Management will act as the adviser to the funds.
‘Long’ and ‘Short’ Bitcoin ETFs
The Rex Bitcoin Strategy ETF’s specific SEC filing states that “the armamentarium does not apprehend to advance anon in bitcoin.” Instead, the armamentarium will advance in “financial instruments that accommodate acknowledgment to the amount movements of bitcoin, including futures affairs affiliated to the amount of bitcoin or an basis thereof and that are traded and/or listed in the United States (‘Bitcoin Futures’).” In addition:
It will accretion cogent acknowledgment to bitcoin instruments, the filing claims, by advance up to 25% of its absolute assets in a wholly-owned Cayman Islands subsidiary. The accessory will advance in continued positions in Bitcoin Futures and will periodically advertise them to disentangle a allocation of its positions. In addition, “the armamentarium expects the notional value of its acknowledgment to bitcoin to be according to about 100% of armamentarium assets at the abutting of anniversary trading day.”
Meanwhile, the abbreviate bitcoin ETF seeks to accomplish its advance cold by “providing abbreviate acknowledgment to movements in the amount of bitcoin,” in a agnate address to its continued counterpart.
Fund Managers Increasingly File for Bitcoin ETFs
The Rex Bitcoin ETF filings chase the Vaneck Vectors Bitcoin Strategy ETF, which was filed with the SEC by advance administration close Vaneck aftermost week. News.Bitcoin.com afresh reported on the filing. Expected to account on the Nasdaq Stock Market, the Vaneck’s bitcoin ETF additionally does not authority any absolute bitcoin, but will advance up to 25% of its amount in U.S. exchange-traded bitcoin acquired instruments.
The SEC is additionally currently because Barry Silbert’s Bitcoin Investment Trust and Coin ETF. The above is set to be absitively on by October 7. The closing is beneath analysis afterwards Bats BZX Exchange filed a petition to about-face the Commission’s accommodation to adios it in March.
What do you anticipate of these armamentarium managers ablution bitcoin ETFs but not advance in bitcoin? Also, do you anticipate the SEC will accept them? Let us apperceive in the comments area below.
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