NYDIG gets the support of Morgan Stanley, files for SEC’s Bitcoin ETF in US

Spread the love

The crypto-focused financial services firm filed S-1 paperwork with the SEC, re-launching the debate on the Bitcoin ETF.

New York Digital Investment Group, or NYDIG, has filed paperwork with the US Securities and Exchange Commission to launch a new Bitcoin (BTC) exchange-traded fund.

NYDIG filed a Bitcoin ETF Registration Statement of Form S-1 with the SEC on Tuesday. The submission names NYDIG Trust Company LLC as the custodian of the Bitcoin Fund and Morgan Stanley as the registered member.

As an approved investor, Morgan Stanley is expected to sell securities to the public at rates that represent the assets, supply and demand of the fund and the underlying market conditions. Shares will be traded on an exchange of NYSE Arca under a ticker symbol that has yet to be determined.

According to the description of the prospectus:

“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.”

NYDIG has become very involved in crypto as it aims to have more institutional exposure to digital assets such as Bitcoin. In November and December 2020, the company raised $150 million from two different cryptocurrency investment funds. The New York State Department of Financial Services issued a BitLicense to NYDIG in 2018.

RECOMMENDED READ:  Why Top Traders Expect Bitcoin to Hit $13,000 Despite Short-Term Weakness

Stone Ridge, the parent company of NYDIG, is one of the biggest institutional investors of Bitcoin.

The search for a Bitcoin ETF has been elusive, at least in the United States, where many fund issuers have tried unsuccessfully to gain regulatory approval.


 190 Interactions,  4 today

How central bank’s pledge to buy more bonds benefits Bitcoin

Panic has been visible across financial markets and global banks for a while now, with central banks across the world Read more

US judge dismisses the case of crypto fraud against the BNT token issuer.

The U.S. Federal Judge ruled that the case against the crypto corporation Bancor had been dismissed, citing the lack of Read more

Why Peirce thinks that DeFi would provide SEC with a successful regulatory test

The SEC commissioner described the DeFi space as "a work in process" but "alluring." overall. Hester Peirce, U.S. Commissioner. The Read more

RECOMMENDED READ:  B2C2 Becomes Latest Crypto Market-Maker to Stop XRP Trading: Report

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: