The pressure to create a Bitcoin ETF in the United States grows every day as large investment firms propose new products to regulators. Now, Goldman Sachs and Fidelity are the newest companies to submit an ETF proposal to the SEC. Goldman Sachs, one of the largest investment banks in the United States, has filed a document with the U.S. Securities and Exchange Commission, requesting permission to create an ETF for exposure to the crypto market. The ETF entitled ARK Innovation ETF seeks to expose itself to the crypto market through direct and indirect investment in Bitcoin and other cryptocurrencies and through companies that provide “disruptive innovation”.
The ETF may have exposure to cryptocurrencies, such as bitcoin, indirectly through an investment in a concession fund. ETF exposure to cryptocurrency can change over time (…).
Earlier this month, the bank announced the return of its cryptocurrency trading desk, as well as the negotiation of Bitcoin futures contracts for its customers.
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Fidelity and the Bitcoin Trust
Similarly, Fidelity, a multinational financial investment firm, filed a document requesting permission to create the Wise Origin Bitcoin Trust. Unlike Goldman Sachs' ETF, Fidelity's Bitcoin Trust seeks exposure to faithfully replicate the performance of the largest cryptocurrency on the market.
The Trust's investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR adjusted by the Trust's expenses and other liabilities.
According to the company, the motivation for the attempt to create the ETF is based on the great demand for the asset in recent years:
The ecosystem of digital assets has grown significantly in recent years, creating an even more robust market for investors and accelerating demand among institutions.
Currently, only Canada and Brazil have Bitcoin ETFs approved by their respective regulatory agencies. Cointimes spoke with Fernando Carvalho, CEO of Qr Capital, where we took all the doubts about the Bitcoin ETF recently approved in Brazil, check out the episode of Conexão Satoshi. Read more: $ 306bn sovereign fund is the first to buy bitcoin, says Raoul Pal