The American company Reality Shares submitted an application to the US Securities and Exchange Commission (SEC) to create an exchange-traded investment fund (ETF), which provides partial access to Bitcoin futures. This is reported by The Block.
The document states that the new fund will provide access to "both fiat and virtual currencies, that have been widely adopted for use."
To that end, the fund would potentially invest up to 15% of its total assets in bitcoin futures trading on both Cboe Global Markets and CME Group. It could also invest in contracts trading on other bitcoin futures marketplaces at some point, the prospectus noted. In addition, the fund will invest in sovereign debt instruments tied to British Pounds, Japanese Yen, Swiss Francs, and money market mutual funds.
Erik Erwin, CEO of Reality Shares, expressed the hope that such a restriction would advantageously distinguish their application compared to full-scale crypto ETFs, with the approval of which the SEC is slow.
If approved, the new ETF will be released on the NYSE Arca exchange.