Anthony Scaramucci’s Skybridge Capital applies for a Bitcoin ETF and it seems that the company is building upon its BTC offerings as of late so let’s read more in our latest bitcoin news today.
Scramucci is now confident that the US will soon approve a Bitcoin ETF as his company Skybridge Capital applies for one with the Securities and Exchange Commission. If successful, the Bitcoin ETC could eat away the appeal of the BTC fund that the company launched and grew to a size of $370 million in a matter of weeks of its 2021 open. Skybridge’s BTC fund for accredited investors contributed at least $50K and allows for shares to be redeemed on a quarterly basis. An ETF will be far more democratic.
ETFs are investment vehicles that can be traded like stocks so they track the price of the asset or a group of assets. A BTC ETF will align with the price of Bitcoin and in exchange for a few, the investors will get more exposure to the prices without the risks of holding and storing BTC and private keys themselves. The SEC hasn’t approved any ETF yet but the Canadian regulators approved two already. Scaramucci noted:
“I do believe that this will be an approval process that happens in 2021.”
Bret Messing, on the other hand, commented on the Bitcoin ETF saying “it will put us out of business:”
“Our fund will continue on, but we won’t be able to raise any capital.”
Scaramucci however now says that it is a matter of seeing the playing field and adjusting the game plan as it should:
“We’re going to kill our private partnership business if we can get an approval from the SEC. I think that the success of the Canadian funds will make it a little bit easier for the US regulators.”
Investment company VanEck agrees as it already reapplied for an ETF. The market for crypto investment vehicles expanded as the price of BTC increased by 10 times in the past year. For example, Grayscale’s BTC Trust tracks the price of BTC and locks trades into their position for months and it controls 3% of the 21 million that will ever be in circulation.
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