According to a filing with the SEC, Direxion Investments registered a Bitcoin ETF with the SEC on Friday afternoon.
A screenshot of the filing can be seen here:
The full release can be seen here:
https://www.sec.gov/Archives/edgar/data/1424958/000119312517370642/d501370d485apos.htm
On top of that, VanEck and Rex ETFs, which withdrew their earlier applications after the SEC's ruling on the Winklevoss Bitcoin Trust, also refiled with the SEC to launch bitcoin futures-based ETFs later this month.
That is now at least 3 firms that have filed for bitcoin based ETFs.
In each instance they appear to be based on the futures products offered by the CBOE and soon the CME.
The CME's futures products are set to launch at 6 pm EST today. Which is about 2 hours from now.
More about that can be read here:
https://steemit.com/bitcoin/@jrcornel/first-it-was-the-cboe-next-up-is-the-cme-at-6-pm-est-tomorrow
Why the rush to file now?
It's all about the futures!
According to Todd Rosenbluth, the director of ETF and mutual fund research at CFRA, it really is all about the futures...
"The fact that there are now futures products might improve the likelihood that they'll get approved (by the SEC)."
"Many firms are now trying to get one out (an ETF), because there's a big first-mover advantage."
There you have it, there is a big advantage to be the first one.
On top of all that, don't forget that the SECs initial rejection of the Winklevoss ETF is currently being appealed by the Winklevoss twins. The thinking there is that since there are now futures products, which the ETF was to be based on, the ETF will be approved by the SEC now.
Not yet a sure thing.
There is still no guarantee for any of these firms though, as the underlying markets which bitcoin trades in are still not regulated.
Which seemed to also be a point of concern for the SEC.
Further more, creating an ETF based around the futures markets is somewhat interesting because it is basically like creating a derivative product off of a derivative product. Neither of which actually trade the underlying asset.
Just something to think about.
Either way, a lot more investors are likely entering the space, exciting times are ahead.
Stay informed my friends.
Sources:
https://www.ft.com/content/28bcfc66-e1d8-11e7-a8a4-0a1e63a52f9c
Image Sources:
https://themerkle.com/bitcoin-etf-approved-sec-no-decision/
https://www.sec.gov/Archives/edgar/data/1424958/000119312517370642/d501370d485apos.htm
