Just recently, during Microstrategy’s “Bitcoin for Corporations” event, Stone Ridge Asset Management and New York Digital Investment Group (NYDIG) founder, Ross Stevens, explained that he sees a “wall of money” entering the bitcoin space. A week later after that statement, NYDIG has revealed that the company has filed for a bitcoin exchange-traded fund (ETF) and is hoping for regulatory approval.
NYDIG Files for a Bitcoin Exchange-Traded Fund With Hopes to Trade on NYSE Arca
Last week, when Ross Stevens told the Microstrategy CEO and bitcoin bull, Michael Saylor that he believes a lot of money was coming into bitcoin he probably had a pretty good inclination. Not too long afterward, Stevens’ firm NYDIG a subsidiary of Stone Ridge Asset Management revealed the company is aiming to launch an exchange-traded fund (ETF). The news follows the recent Purpose Bitcoin ETF approval, which will trade on the Toronto Stock Exchange.
NYDIG also falls behind the bitcoin-based ETF filings registered by the firms Valkyrie Digital Assets and Vaneck. The “NYDIG Bitcoin ETF” filing was filed with the U.S. Securities and Exchange Commission on February 16, 2021. The registration is a Form S-1 statement, which aims to distribute common shares trade on NYSE Arca.
“The [NYDIG Bitcoin 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,” the registration filing notes.
“In seeking to achieve its investment objective, the Trust will hold bitcoin,” the filing continues. “The Trust will value its assets daily in accordance with Generally Accepted Accounting Principles, which generally value bitcoin by reference to orderly transactions in the principal active market for bitcoin.”
There are around ten companies shooting for a bitcoin ETF in the U.S., according to Jeff…