SkyBridge and First Trust have joined the growing list of companies seeking approval to launch a Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC). Both companies submitted an application late Friday.
According to the S-1 filing with the SEC, the product has been called the “First Trust Sky Bridge Bitcoin ETF Trust.” While First Trust would act as the advisor to the ETF, SkyBridge would function as the sub-advisor. Shares are expected to trade on NYSE Arca.
Following the new filing, the SEC now has five Bitcoin ETF proposals to either approve or decline – VanEck in December 2020, Valkyrie in January, NYDIGin February, and WisdomTree in March.
SkyBridge’s founder Anthony Scaramucci is quite bullish that the SEC would approve the products. He believes that the Commission would review all the pending applications in a batch. Furthermore, he asserts that the American market is ready for a Bitcoin ETF.
While speaking with crypto news site Blockworks, he said:
I think if you look at Canada, which is typically 11% to 12% of the US market, and in a month one of those Canadian ETFs got to a billion dollars. There is a tremendous interest in bitcoin and in my opinion, this is the best structure for clients because it’s liquid.