Global X, a New York-based provider of global exchange-traded funds, has filed with the US Securities and Exchange Commission (SEC) for a bitcoin-focused exchange traded fund (ETF).
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According to a regulatory filing, the company plans to trade the ETF on the Cboe BZX Exchange. The ETF will reflect the performance of the Global X Bitcoin Trust. The trust will not seek to reflect the performance of any benchmark or index, the filing says. It remains unclear who will act as a custodian for the company.
In general, it takes 45 days for the SEC to give a decision on whether to approve or disapprove an ETF. However, the watchdog can also extend its review deadline up to 240 days. To date, the watchdog has rejected all bitcoin ETF applications, citing insufficient resistant to market manipulation and fraudulent activity concerns.
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