New York Digital Investment Group Submits Paperwork With The US SEC To Launch A New Bitcoin ETF

New York Digital Investment Group (NYDIG) has submitted paperwork with the United States Securities and Exchange Commission (SEC) to launch a new Bitcoin (BTC) exchange-traded fund. 

It has been reported that NYDIG filed a Form S-1 registration statement for a Bitcoin ETF with the SEC on February 16 (Tuesday). The submission lists NYDIG Trust Company LLC as the fund’s Bitcoin custodian and Morgan Stanley as an authorized participant.

However, as an authorized participant, Morgan Stanley is expected to sell shares to the public at prices that reflect the fund’s assets, supply and demand, and underlying market conditions.


The push for a U.S. Bitcoin exchange-traded fund continues as NYDIG submits paperwork with the SEC. https://t.co/0FtFTObeMp — Cointelegraph (@Cointelegraph) February 16, 2021

The shares will trade on the NYSE Arca exchange under a yet-to-be-determined ticker symbol.

The prospectus stated:

“The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index.”

It continues:

“In seeking to achieve its investment objective, the Trust will hold bitcoin.”

Thus, NYDIG has been highly active in the crypto space, as it seeks to provide more institutional exposure to digital assets like Bitcoin.

Source: Cointelegraph

#SecuritiesandInvestmentsCommissionSEC #CryptoNewsPoint #DigitalNotice #NewYorkDigitalInvestmentGroupNYDIG #BitcoinETF

0 comments