Amplify, Invesco, and Galaxy Digital have submitted a large number of cryptocurrency exchange-traded fund (ETF) applications after applying for similar products earlier. According to regulatory documents, Invesco and Galaxy jointly submitted a registration statement for a physically-backed Bitcoin ETF, while Amplify focused on a broader application for decentralized finance (DeFi) and crypto ETFs.

The Amplify ETF application will allow the fund to invest in Bitcoin futures, Canadian Bitcoin funds, and companies holding over 50% of their net assets in Bitcoin, Ethereum, or other "liquid" cryptocurrencies. The fund is initially expected to invest 15% of its total assets directly in the Grayscale Bitcoin Trust (GBTC) and Canadian Bitcoin ETF, according to the documents. (Grayscale and CoinDesk share the same parent company, Digital Currency Group.)

The prospectus is still pending completion, and key backend roles have yet to be filled. For example, the duo still needs to designate a Bitcoin custodian.

Invesco has filed an application with the US Securities and Exchange Commission (SEC) for a futures-based Bitcoin ETF. A decision on the application is expected in October.

Long Road Ahead

The SEC, responsible for regulating domestic ETFs in the US, has been reviewing over a dozen applications for various crypto-related funds, including physically-backed Bitcoin and Ethereum ETFs based on the corresponding cryptocurrency futures market.

The agency has not approved any crypto ETFs yet, although SEC Chairman Gary Gensler recently stated that futures-based ETFs submitted under the 1940 Investment Company Act are more likely to be approved than physically-backed ETFs.

VanEck applied for an ETF in late 2020, and it will be the most recent applicant to gain insight into how the SEC views its November application. The SEC will have to make a final decision by federal regulations.

Source: Cnfol.com

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