BlockFi Files for Physically Backed Bitcoin ETF
Main page Finance, Bitcoin, US Market, Crypto Market, Bitcoin-ETF

Cryptocurrency financial services provider BlockFi has filed for an exchange traded bitcoin fund. According to a regulatory filing, the fund called BlockFi NB Bitcoin ETF will not seek to reflect the performance of any benchmark or index as it will hodl bitcoin (EXANTE: Bitcoin).

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However, it remains unclear who will hodl the cryptocurrency on behalf of BlockFi. Bitcoin's price will be based on the Coin Metrics Real-Time Reference Rate.

BlockFi Files Application to Launch a Bitcoin Futures ETF

The move comes after the New Jersey Bureau of Securities postponed its order for BlockFi to stop creating new interest-bearing accounts operations in the state. Earlier this year, four US financial regulators issued warnings against BlockFi. According to the New Jersey Bureau of Securities, BlockFi has been funding its business at least partly through the sale of unregistered securities. Hence, the New Jersey Bureau of Securities assumes the company violated relevant securities laws.

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