After the numerous failed attempts for SEC to approve a series of applications for Bitcoin ETFs, investment management company, Reality Shares filed an application to the SEC for Bitcoin ETF on Thursday, 2nd November, as reported by TheStreet.
The application says that the ETF is called the Reality Shares Nasdaq Blockchain Economy exchange-traded fund.
According to TheStreet:
“The Reality Shares fund is designed to measure the returns of companies that are committing material resources to developing, researching, supporting, innovating or using blockchain technology for their proprietary use or for use by others.”
Some of the failed attempts for Bitcoin ETFs so far include: the Winklevoss brothers,VanEck and REX Shares. A couple months ago, Bloomberg reported on the possibility of a Bitcoin ETF coming very soon.
Bloomberg reporters said:
“There are plans for bitcoin derivatives. LedgerX won U.S. Commodity Futures Trading Commission approval in July to offer options, while Cboe Global Markets Inc. wants to create futures this year or early in 2018, pending CFTC approval. There is currently no way to trade derivatives on bitcoin or other digital currencies in the U.S. right now, a roadblock for traders who want to hedge positions.”
The common thinking is that once a derivative on bitcoin is launched, an ETF will follow almost immediately. What the Bitcoin ETF will do is give retail investors exposure to bitcoin, something that now happens only through trading on exchanges like Coinbase and Bittrex. The launch of a Bitcoin ETF will definitely enhance the “image” of bitcoin, which up until very recently was thought to be the “dirty money” of terrorists and criminals.
More news are to follow, once SEC reviews the application submitted by Reality Shares. A Bitcoin ETF may be coming soon.