Demand is growing for a Bitcoin exchange traded fund (ETF) in the United States.
A month after the first Bitcoin ETF launched in Canada, a growing number of people are calling on regulators such as the U.S. Securities and Exchange Commission (SEC) to approve a similar Bitcoin ETF south of the border.
The latest prominent person to call for the establishment of a U.S. Bitcoin ETF is former White House Director of Communications and founder of SkyBridge Capital Anthony Scaramucci.
Scaramucci is teaming up with First Trust Advisors on an exchange traded fund that plans to buy and sell the world’s largest digital currency, according to a regulatory filing. The goal is to create the "First Trust SkyBridge Bitcoin ETF Trust."
Issuers across the $6-trillion U.S. ETF industry are racing to win approval for the first Bitcoin fund after the digital coin skyrocketed almost 10-fold in the past year. At least four other American firms currently have applications for a cryptocurrency ETF, including WisdomTree Investments and VanEck Associates Corp.
Scaramucci’s SkyBridge launched the "SkyBridge Bitcoin Fund LP" earlier this year, but that fund only allows accredited investors to subscribe to it for a minimum investment of $50,000 U.S.
While crypto-tracking products exist in Europe and a total of three Bitcoin ETFs have launched in Canada since February, U.S. regulators have repeatedly rejected attempts to introduce them in America, citing concerns about potential manipulation and a lack of liquidity.
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