BlockFi submits application to US SEC to join Bitcoin spot ETF competition

This article comes fromThe Block, original author: Aislinn Keely

Odaily Translator | Nian Yin Si Tang

, original author: Aislinn Keely

according toOdaily Translator | Nian Yin Si TangEncrypted asset lending firm BlockFi, in partnership with private equity firm Neuberger Berman's joint venture entity BlockFi NB, has filed a bitcoin spot ETF application with the US Securities and Exchange Commission (SEC).

according to

S-1 filing

, the ETF, called "BlockFi NB Bitcoin ETF," will trade on the New York Stock Exchange (NYSE) and hold bitcoin.

The BlockFi NB Bitcoin ETF joins BlockFi's proposed futures product, the BlockFi Bitcoin Strategy Fund. Before filing the futures filing, US SEC Chairman Gary Gensler had hinted that he was more likely to approve futures-based bitcoin products under the Investment Companies Act of 1940 than the numerous 1933-based Bitcoin products the SEC had pending. Bitcoin spot ETF application for the 2019 Act.TwitterSince then, multiple futures products based on the 1940 Act have been licensed to trade, although BlockFi's futures application has yet to move forward.

TwitterAnnounceIt has been speculated that BlockFi's application is a way to continue competing for approval, but until Gensler says he has changed his mind about spot bitcoin offerings, "this thing will be dismissed like the other (25 or so) bitcoin offerings." Hold."

AnnouncesubmitWill cooperate to develop and release a series of digital asset management products and strategies. Greg Collett, Head of Investment Products at BlockFi, said that with the launch of BlockFi | nb, clients will gain an asset management product suite with access to digital assets and services from investment management and cryptocurrency experts. The portfolio will include ETFs and other traditional structures, the companies said in a statement. Additionally, the crypto offering will exist alongside Neuberger Berman’s suite of actively managed crypto strategies and BlockFi’s retail and institutional crypto solutions, the company said.

According to a document submitted to the US SEC on August 11, Neuberger Berman has authorized one of its funds, the "Neuberger Berman Commodity Strategy Fund", to invest in regulated Bitcoin and Ethereum futures. Additionally, the fund will invest indirectly in cryptocurrencies through investment vehicles such as trusts and exchange-traded funds. Neuberger Berman is said to have $402 billion in assets under management. In the same month, Neuberger Berman again submitted to the US SECsubmitIt issued a revised supplementary document stating that its $164 million commodities mutual fund can allocate up to 5% of its assets to BTC futures and Canadian BTC ETFs. And ETH derivatives no longer appear in Neuberger Berman's investment options.But it's also a turbulent regulatory time for BlockFi. BlockFi's Interest-Bearing Accounts Still Face New Jersey Lawcease and desist order