What You Need to Know
- The FirstTrust SkyBridge Bitcoin ETF Trust seeks 100% exposure to Bitcoin, or as much as is “reasonably practicable to achieve.”
- The number of firms filing with the SEC to trade a Bitcoin ETF continues to grow and accelerate.
- The SEC has yet to approve a Bitcoin ETF but has rejected applications in the past.
Anthony Scaramucci’s SkyBridge Capital has joined the growing number of financial firms that have filed applications with the Securities and Exchange Commission to trade a Bitcoin ETF.
The FirstTrust SkyBridge Bitcoin ETF Trust would seek as close to 100% exposure to Bitcoin “as is reasonably practicable to achieve,” according to the SEC filing.
FirstTrust Advisors would be the sponsor of the ETF trust responsible for managing its business affairs; providing certain clerical, bookkeeping and other administrative services; and supervising SkyBridge Capital, the ETF Trust’s subadvisor. SkyBridge Capital would be responsible for the day-to-day supervision and investment strategy and investment decisions of the ETF.
Earlier this year SkyBridge launched a Bitcoin trust, available only to accredited investors a minimum $50,000 investment.
Bitcoin ETFs Pending Before the SEC
Several Bitcoin ETF applications are already pending before the SEC, which has yet to approve any but has rejected some in the past. The pending applications are the VanEck Bitcoin Trust, for which the firm filed after the agency rejected two other Bitcoin ETFs; the Valkyrie Innovative Balance Sheet ETF, which despite its name would invest in Bitcoin as well as companies that directly or indirectly have exposure to the cryptocurrency; the WisdomTree Bitcoin Trust; and the NYDIG Bitcoin ETF from NYDIG Asset Management.